CALGARY, Jan. 11, 2016 /CNW/ - Petroamerica Oil Corp.
("Petroamerica") (TSX-V: PTA.V), an international oil and
gas company operating in Colombia,
is pleased to announce that the previously announced plan of
arrangement under the provisions of the Business Corporations
Act (Alberta) among
Petroamerica, Gran Tierra Energy Inc. ("Gran Tierra") and
the shareholders of Petroamerica whereby Gran Tierra agreed to
acquire all of the issued and outstanding common shares of
Petroamerica (the "Arrangement") was voted on today and
overwhelmingly approved by the holders ("Petroamerica
Shareholders") of common shares of Petroamerica
("Petroamerica Shares") at the Special Meeting of the
Petroamerica Shareholders held earlier today (the
"Meeting"). Holders of over 32.05% of the outstanding
Petroamerica Shares voted at the Meeting, with approximately 98.05%
in favour of the Arrangement.
Petroamerica also today obtained a final order from the Court of
Queen's Bench of Alberta to
implement the Arrangement.
The Arrangement is more fully described in the management
information circular and proxy statement of Petroamerica dated
December 3, 2015, which may be viewed
on Petroamerica's profile at www.sedar.com.
Under the Arrangement, Petroamerica Shareholders will receive,
at their election, either 0.40 of a share of common stock of Gran
Tierra or C$1.33 in cash for
each Petroamerica Share, subject to a maximum of $101,301,755 of the consideration payable in
cash.
It is anticipated that the Arrangement will close on
Wednesday January 13, 2016.
This news release includes information that constitutes
"forward-looking information" or "forward-looking statements". The
forward looking statement contained in this document concerning the
anticipated closing date of the Arrangement is an opinion and
forecast which is subject to risks. A multitude of factors
can cause actual events to differ significantly from any
anticipated developments and although Petroamerica believes that
the expectation represented by such forward-looking statement is
reasonable, undue reliance should not be placed on the
forward-looking statement because there can be no assurance that
such expectation will be realized.
Neither Petroamerica nor any of its subsidiaries nor any of
its officers, directors or employees guarantees that the
assumptions underlying such forward-looking statement are free from
errors nor do any of the foregoing parties accept any
responsibility for the future accuracy of the opinion expressed in
this document or the actual occurrence of the forecasted
development.
The forward-looking statement contained in this document is
made as of the date hereof and Petroamerica undertakes no
obligation to update publicly or revise any forward-looking
statement or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the Arrangement and has neither approved nor disapproved
the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release.
SOURCE Petroamerica Oil Corp.