MERIDIAN CAPITAL INTERNATIONAL LIMITED ANNOUNCES DISPOSITION OF COMMON SHARES OF PETROTAL CORP. TO A. ALSHINBAYEV

HONG KONG, May 16, 2023 /CNW/ - Meridian Capital International Limited ("MCIL") reports that, on April 25, 2023, MCIL transferred ownership and control of 66,267,240 common shares (the "Common Shares") of PetroTal Corp. ("PetroTal") (TSXV: TAL) (AIM: PTAL) to Meridian Capital Limited ("MCL") by way of a dividend in-kind (the "Initial Transfer"). On April 25, 2023, MCL subsequently transferred ownership and control of the 66,267,240 Common Shares to one of its shareholders, A. Alshinbayev, pursuant to a private arrangement between Mr. Alshinbayev and MCL for an aggregate purchase price of USD28,202,240.14 (the "Second Transfer"). Neither the Initial Transfer nor the Second Transfer took place through the facilities of any stock exchange or any other marketplace.

Immediately prior to the Initial Transfer, MCIL owned 154,010,361 Common Shares, representing approximately 17.4% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. Following the Initial Transfer, MCIL owned 87,743,121 Common Shares, representing approximately 9.9% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. As a result of the Initial Transfer, MCIL is no longer subject to the 10.0% threshold requiring disclosure under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103").

Immediately prior to the Second Transfer, MCL owned 66,267,240 Common Shares, representing approximately 7.5% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis, all of which were transferred to Mr. Alshinbayev pursuant to the Second Transfer. Following the Second Transfer, MCL no longer held any Common Shares of PetroTal. Mr. Alshinbayev is the sole shareholder of YF Finance Limited ("YFF"), which held 4,911,500 Common Shares at the time of the Second Transfer and Fourth Transfer (as defined below). Immediately prior to the Second Transfer, Mr. Alshinbayev owned (together with YFF) 16,036,796 Common Shares, representing approximately 1.8% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. Following the Second Transfer, Mr. Alshinbayev owned (together with YFF) 82,304,036 Common Shares, representing approximately 9.3% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis.

On May 15, 2023, MCIL transferred ownership and control of an additional 33,075,064 Common Shares to MCL by way of a dividend in-kind (the "Third Transfer"). MCL subsequently transferred ownership and control of the 33,075,064 Common Shares to Mr. Alshinbayev. As such, Mr. Alshinbayev reports that, on May 15, 2023, he acquired ownership and control of an additional 33,075,064 Common Shares from MCL, pursuant to a private sale and purchase agreement dated May 2, 2023 between Mr. Alshinbayev and MCL for an aggregate purchase price of USD13,797,759.95 (the "Fourth Transfer"). Neither the Third Transfer nor the Fourth Transfer took place through the facilities of any stock exchange or any other marketplace.

Immediately prior to the Third Transfer, MCIL owned 87,743,121 Common Shares, representing approximately 9.9% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. Following the Third Transfer, MCIL owns 54,668,057 Common Shares, representing approximately 6.18% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. MCIL continues to no longer be subject to the 10.0% threshold requiring disclosure under NI 62-103.

Immediately prior to the Fourth Transfer, MCL owned 33,075,064 Common Shares, representing approximately 3.7% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis, all of which were transferred to Mr. Alshinbayev pursuant to the Fourth Transfer. Following the Fourth Transfer, MCL no longer holds any Common Shares of PetroTal. Immediately prior to the Fourth Transfer, Mr. Alshinbayev owned (together with YFF) 82,304,036 Common Shares, representing approximately 9.3% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. Following the Fourth Transfer, Mr. Alshinbayev currently owns and exercises control over (together with YFF) an aggregate of 115,379,100 Common Shares, representing approximately 13.0% of the issued and outstanding Common Shares of PetroTal on a non-diluted basis. As a result of the Fourth Transfer, Mr. Alshinbayev is now subject to the 10.0% threshold requiring disclosure under NI 62-103.

MCIL's and MCL's disposition of the Common Shares, and Mr. Alshinbayev's acquisition of the Common Shares were for investment management restructuring purposes. MCIL, MCL and/or Mr. Alshinbayev may take actions in the future in respect of each of their security holdings in PetroTal from time to time based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of Common Shares, whether in the open market, by privately negotiated agreement or otherwise.

MCIL's registered address is at Market Square, 3rd Floor, Yamraj Building, P.O. Box 3175, Road Town, Tortola, British Virgin Islands. PetroTal's head office is located at 11451 Katy Freeway, Suite 500, Houston, Texas, United States, 77079.

This press release is being issued pursuant to NI 62-103, which requires an early warning report to be filed under PetroTal's profile on SEDAR (www.sedar.com) containing further information respecting the foregoing matters.

SOURCE Meridian Capital International Limited

For a copy of such report or further information, you may contact: Meridian Capital International Limited, Market Square, 3rd Floor, Yamraj Building, P.O. Box 3175, Road Town, Tortola, British Virgin Islands, Attention: Directors, Phone: [phone]; A. Alshinbayev, Level 37, Heung Yip Road, Wong Chuk Hang, Hong Kong, Tel.: [phone]