TORONTO, June 16, 2017 /CNW/ - Vitol Energy (Bermuda) Ltd. (Vitol) announced today that it has sold an aggregate of 15,658,201 Common Shares of Greenfields Petroleum Corporation (Greenfields) through the facilities of the TSX Venture Exchange, at a price of C$0.20 per share for aggregate proceeds of C$-3,131,640.
Prior to giving effect to such sale, Vitol beneficially owned 77,014,802 Common Shares and warrants (Warrants) entitling Vitol to acquire up to 75,404,975 Common Shares. The Common Shares held by Vitol represented 49.1% of the issued and outstanding Common Shares. The Warrants will only vest to the extent that is necessary to maintain Vitol's equity position after giving effect to a previous loan restructuring. Accordingly, until new shares are issued beyond the current 156,859,180 issued and outstanding Common Shares, Vitol may not exercise the Warrants. If Greenfields does issue additional Common Shares, Vitol will only be entitled to exercise that number of Warrants that will allow it to maintain a 49.1% ownership position.
After giving effect to the sale of Common Shares, Vitol beneficially owns 61,356,601 Common Shares representing 39.1% of the outstanding Common Shares together with Warrants to purchase up to 75,404,975 Common Shares that may be exercised as set forth above.
Vitol holds its securities in Greenfields for investment purposes and may, in the future increase or decrease its ownership of securities in Greenfields directly or indirectly from time to time depending upon the business and prospects of Greenfields and future market conditions. Greenfields has announced plans to proceed with a non-brokered private placement of Common shares and it is Vitol's current intention to subscribe to 15,658,201 of Common Shares as will result in Vitol beneficially owning 43.4% of the issued and outstanding Common shares after giving effect to such private placement.
Vitol maintains its principal office at 15 Parliament Street, Hamilton, Bermuda HM12. The head office of Greenfields is located at 211 Highland Cross Dr., Suite 250 Houston, Texas 77073.
An early warning report to be filed in conjunction with this news release will be available under Greenfields' SEDAR profile at www.sedar.com. A copy of such report can also be obtained by contacting Barbara E West at 1 (441) 295-1408.
SOURCE Vitol Energy (Bermuda) Ltd.
For further information: Barbara E West at 1 (441) 295-1408