Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) announced last week that it has received approval from the Brazilian Securities Commission and the Brazilian Stock Exchange (BM&FBOVESPA – Bolsa de Valores, Mercadorias e Futuros), effective immediately, for the cancellation of the Company’s (i) Brazilian Depositary Receipts listed on the BOVESPA under the ticker “PREB32” and registered under ISIN “BRPREBBDR001” (“BDRs”), each representing one common share of the Company listed on the Toronto Stock Exchange (“Common Shares”); and, consequently, (ii) registry as a foreign publicly-held company in Brazil (“Delisting”), all as previously announced by the Company in a press release dated October 10, 2014.
The Company’s decision to delist is based on low trading volumes of its BDRs on the BOVESPA compared to its Common Shares. As a result, the Company has determined that sustaining the administrative and regulatory compliance costs associated with the listing on the BOVESPA are no longer justifiable.
Further information on the Delisting may be obtained by contacting Marcelo Nastromagario at Corrêa Meyer e Nastromagario Advogados, Rua Fradique Coutinho, 1271, 05416-011 Sao Paulo – SP – Brazil (telephone 55 11 3011-0700).
Pacific Rubiales is a Canadian public company and explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has interests in over 90 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil,Guyana, Papua New Guinea and Belize. The Company’s common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombiaunder the ticker symbols PRE, and PREC, respectively.