Issue of Equity (0075A)
January 25 2011 - 2:00AM
UK Regulatory
TIDMPELE
RNS Number : 0075A
Petrolatina Energy PLC
25 January 2011
Tuesday 25 January 2011
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Issue of Equity and
Conversion of Tranche 1 of Tribeca's Convertible Loan Note
PetroLatina (AIM: PELE), the independent oil and gas
exploration, development and production company, focused on Latin
America, announces details of an issue of new ordinary shares of
US$0.10 par value each ("Ordinary Shares") in the Company to
Tribeca Oil and Gas Financing Inc. ("TOGF"), a subsidiary of
existing substantial shareholder Tribeca Oil & Gas, Inc.
("TOGI") (a portfolio investment company of Tribeca Asset
Management Inc. (formerly Tribecapital Partners S.A.)), to satisfy
interest payable in respect of its two tranches of convertible loan
notes and the conversion in full of Tranche 1 of its holding of
convertible loan notes.
PetroLatina has on Friday 21 January 2011 issued and allotted
(credited as fully paid) to TOGF (i) 571,083 new Ordinary Shares in
satisfaction of US$378,433.97, the third six monthly interest
installment to 17 December 2010 due in respect of the second
tranche of US$6.29 million convertible loan notes subscribed by
TOGF on 17 June 2009 at a conversion price of 42.5 pence per share
(being the middle market closing price on 16 December 2010), (ii)
423,022 new Ordinary Shares in satisfaction of, US$294,904.11, the
fourth and final six monthly interest installment to 21 January
2011 due in respect of the first tranche of US$4.875 million
convertible loan notes subscribed by TOGF on 21 January 2009 at a
conversion price of 44 pence per share (being the middle market
closing price on 20 January 2010) (together the "Interest Shares"),
and a further (iii) 14,695,521 new Ordinary Shares in satisfaction
of the conversion in full of the first tranche of US$4.875 million
convertible loan notes at a conversion price of 20.9375 pence per
share (the "Conversion Shares").
The Interest Shares and Conversion Shares will rank pari passu
in all respects with the Company's existing Ordinary Shares and
application will be made to the London Stock Exchange for these, in
aggregate, 15 689,626 new Ordinary Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will become
effective and that dealings in the Interest Shares and Conversion
Shares will commence at 8.00 a.m. on Friday 28 January 2011. The
Company's issued ordinary share capital will consist of 104,624,266
Ordinary Shares with voting rights. PetroLatina does not hold any
Ordinary Shares in treasury and accordingly there are no voting
rights in respect of any treasury shares.
The aforementioned figure of 104,624,266 Ordinary Shares may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in,
PetroLatina under the FSA's Disclosure and Transparency Rules.
Following the issuance of the abovementioned Interest Shares and
Conversion Shares, TOGI and its related companies now hold, in
aggregate 59,415,781 Ordinary Shares, representing approximately
56.79 per cent of the Company's enlarged issued share capital and
warrants over a further 690,644 Ordinary Shares which are
automatically exercisable if, and to the extent that, any exercise
of the Company's other existing outstanding 1,282,625 warrants
occurs. In addition, TOGF currently holds an aggregate principal
amount of US$6.29 million of convertible 12 per cent loan notes due
in June 2011.
Luc Gerard, Chairman of PetroLatina, commented:
"Conversion of the first tranche of its loan note into equity
reflects Tribeca's positive and continued support of the Company
and its short, medium and long-term potential, underpinned by our
expectations for the planned ongoing and future exploration and
development programme."
Enquiries:
PetroLatina Energy Plc Tel: +57 1627 8435
Juan Carlos Rodriguez, Chief Executive Officer
Pawan Sharma, Executive Vice President - Corporate Tel: +44 (0)20 7766
Affairs 0081
Strand Hanson Limited
Simon Raggett / Matthew Chandler Tel: +44 (0)20 7409
3494
Evolution Securities Limited
Rob Collins / Chris Sim Tel: +44 (0)20 7071
4304
Financial Dynamics
Ben Brewerton / Susan Quigley Tel: +44 (0)20 7831
3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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