Calgary, January 11, 2016 /CNW/ – Petroamerica Oil Corp. (TSX-V: PTA.V), an international oil and gas company operating in Colombia, has just announced that the plan of arrangement under the provisions of the Alberta (Canada) Business Corporations Act among Petroamerica, Gran Tierra Energy Inc. (TSX:GTE NYSE:GTE) and the shareholders of Petroamerica where Gran Tierra agreed to acquire all of the issued and outstanding common shares of Petroamerica.
Update (19 January, 2016) Gran Tierra Energy has closed on its purchase of Petroamerica, says shareholders have been paid – See the SEC Filing: HERE
The tender offer was voted on today and overwhelmingly approved by the holders Petroamerica common shareholders at the special meeting of the Petroamerica Shareholders held earlier today at the Dentons Alberta, Canada law offices. Holders of over 32.05% of the outstanding Petroamerica Shares voted at the meeting, with approximately 98.05% in favor of the buyout.
Today, Petroamerica also 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 $1.33 Canadian Dollars in cash for each Petroamerica share, subject to a maximum of $101,301,755 of the consideration payable in cash.