Issue of Equity and Convertible Loan Note (8540I)
June 21 2011 - 11:45AM
UK Regulatory
TIDMPELE
RNS Number : 8540I
Petrolatina Energy PLC
21 June 2011
FOR IMMEDIATE RELEASE
21 June 2011
PetroLatina Energy Plc
("PetroLatina" or the "Company")
Issue of Equity and
Conversion of Tranche 2 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, and the conversion in full of,
Tranche 2 of its holding of convertible loan notes.
PetroLatina has on Monday 20 June 2011 issued and allotted
(credited as fully paid) to TOGF (i) 943,198 new Ordinary Shares in
satisfaction of US$376,366.03, the fourth and final six monthly
interest installment to 17 June 2011 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 24.75 pence per
share (being the middle market closing price on 16 June 2011) (the
"Interest Shares"), and (ii) a further 15,605,520 new Ordinary
Shares in satisfaction of the conversion in full of the second
tranche of US$6.29 million convertible loan notes at a conversion
price of 25 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, 16,548,718 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 Monday 27 June 2011. The
Company's issued ordinary share capital will consist of 121,623,629
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 121,623,629 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, 76,122,225 Ordinary Shares, representing approximately
62.59 per cent. of the Company's enlarged issued share capital and
warrants over a further 32,308 Ordinary Shares which are
automatically exercisable if, and to the extent that, any exercise
of the Company's other existing outstanding 60,000 warrants
occurs.
Luc Gerard, Executive Chairman of PetroLatina, commented:
"Conversion of this second and final tranche of its loan note
into equity reflects Tribeca's continued support of the Company and
belief in its short, medium and long-term potential, underpinned by
its 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
Chris Sim / Adam James 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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