14.07.08
Update on Financing
Update on Financing - Completion of Final US$15 million Tranche of a total US$25 million Investment
PetroLatina, the oil and gas exploration and production company focused on Colombia, with additional interests in Guatemala, is pleased to announce that, following the announcement made on 19 May 2008, Tribeca Oil and Gas, Inc. (“TOGI”), a portfolio investment company of Tribecapital Partners S.A. (“Tribeca”), a Colombian Private Equity Firm, has now completed its total investment of US$25 million in the Company.
TOGI initially invested US$10 million in the Company by way of convertible secured loan notes (the “Notes”). These Notes have today been converted by TOGI into 5,890,080 new ordinary shares of US$0.50 each (“Ordinary Shares”), at a conversion price of £0.86 per Ordinary Share.
TOGI has today invested a further US$15 million in the Company by way of a subscription for 9,470,919 Ordinary Shares (the “Subscription”). This represents an increase of 635,799 Ordinary Shares from the number of subscription shares referred to in the announcement made on 19 May 2008, due to the issuance of shares in respect of certain historic contingent liabilities. Accordingly, TOGI has today been allotted, in aggregate, 15,360,999 Ordinary Shares (the “TOGI Shares”).
All related security held by TOGI relating to the Company and members of its group since 16 May 2008 has now been released.
As part of the consideration for the Subscription, TOGI has also been granted 1,875,260 warrants which are automatically exercisable, for no additional consideration, into 1,875,260 Ordinary Shares if, and to the extent that, any exercise of the Company’s existing outstanding 3,482,625 warrants occurs.
As announced previously, the new funds will provide the Company with additional cash resources to meet certain outstanding liabilities and fund its ongoing work programme in Colombia. The Company is embarking on a promising development and exploration programme over the next few months, and currently intends to commence drilling a minimum of four wells during the remainder of 2008.
Following completion of the Subscription, TOGI now holds Ordinary Shares representing, in aggregate, a 35 per cent interest in the Company. The transaction represents an investment by TOGI at a price of £0.73 per share on a fully diluted basis, or £0.83 per share on an issued share capital basis.
Luc Gerard and Ciro Méndez, representatives of Tribeca, have joined the Company’s board as Executive Chairman and Non-executive Director respectively, with immediate effect. Accordingly, Greg Smith, the Company’s current Executive Chairman, has agreed to step down from the board with immediate effect.
Mr Luc Mputu Nyafe Gerard, aged 37, graduated from ICHEC, Brussels Business School, Belgium in 1995 with a Bachelor of Science degree in Civil Engineering specialising in emerging markets and manufacturing in the developing world. He also holds a Masters Degree in Business Administration from IMD, Lausanne, Switzerland. Since graduating, Mr Gerard has principally been involved in production and marketing and has held various positions in the areas of general management, mergers and acquisitions, business development and strategic planning, both in Colombia and other Latin American countries, as well as in the United States and Europe. He was President of Philip Morris’ Colombian operations and has held various roles with this multinational group in Latin America, Europe and the United States. Mr Gerard has also worked for Caterpillar, Merrill Lynch and ING. In 2006, he founded Tribeca, which was Colombia’s first private equity fund and currently acts as its President. He is highly respected within Colombia’s business community.
Mr Ciro Alberto Méndez Sampayo, aged 33, graduated from the Universidad de Los Andes, Bogotá, Colombia in 1999 with a Bachelor of Science in Industrial Engineering. He also holds a Masters Degree in Business Administration from Columbia Business School in New York. Since graduation, Mr Méndez has held various roles in the public sector and industry, including Financial Analyst at the Department of National Planning in Colombia, Corporate Finance Associate with Genispace Inc. in New York and a Strategic Planning Manager at Insercams Ltda., Colombia. More recently, he worked for KPMG as a Senior Supervisor in their Corporate Finance Department in Colombia, where he specialised in advising multinational corporations on M&A engagements in Latin America and in structuring Public Private Partnership (PPP) projects, particularly in the infrastructure sector. He is currently an Investment Manager at Tribeca, which he joined in 2007.
Greg Smith, Executive Chairman of PetroLatina, today commented:
“The significant investment by Tribeca secures the future of the Company and provides essential funding for the planned programme of exploration and appraisal wells.
I welcome the appointment of Luc and Ciro to the board and believe that they will be great assets to the Company, not only in relation to the development of its existing assets, but also as it furthers its relationships throughout Colombia.”
Luc Gerard, President of Tribeca, today commented:
“We’re delighted to have secured a substantial stake in PetroLatina. The Company has positive cash flow and a specific investment plan to increase production through development wells and drill exploration wells in blocks such as La Paloma, that show tremendous reserves potential. Additionally, the Company has the capability to transport a much larger throughput with respect to its Rio Zulia - Ayacucho pipeline in the event that production from the Río Zulia or Tibú fields increases as currently anticipated by Ecopetrol. Accordingly, we believe that the Company has tremendous potential for increasing shareholder value.
On behalf of the Board, I would like to thank Greg for his outstanding contribution to the Company and wish him well in his future endeavours. He leaves the Company in an excellent position as a fully funded exploration and production concern with exciting prospects for the future.”
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