Saturn Oil & Gas Inc. Announces Expiry of Warrants and Share Ownership Change

Rhea-AI Summary

Saturn Oil & Gas Inc. announces the expiration of majority of outstanding warrants and the acquisition of additional common shares by GMT Capital Corp. The cancellation of dilutive warrants and options resulted in the removal of 30,536,134 securities.

Calgary, Alberta--(Newsfile Corp. - July 19, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") announces that the majority of the Company's outstanding warrants expired between June 3, 2023 and July 7, 2023, and the Company's largest shareholder GMT Capital Corp. ("GMT"), and certain of GMT's affiliates, recently announced the acquisition of an additional 6,994,049 common shares ("Common Shares") of Saturn resulting in holdings as of June 30, 2023 of an aggregate of 34,531,029 Common Shares, representing approximately 24.91% of Saturn's issued and outstanding Common Shares.

Warrant Expiry

The July 7, 2023 expiry of the SOIL.WT.B warrants, together with the previously announced June 3, 2023 expiries and associated brokers warrants, has resulted in the cancellation of an aggregate of 30,536,134 dilutive warrants and options, as outlined in the table below:

Warrant Group:	Number of Warrants:	Number of Common Shares Exchangeable to:	Exchange Traded:
SOIL.WT	268,333,333	13,416,666	Yes
SOIL.WT.B	13,663,717	13,663,717	Yes
Broker options	2,132,866	3,455,751	No
Total		30,536,134

 

About GMT Capital Corp.

GMT Capital Corp. is the manager of the Bay Resource Partners Funds. Founded by Tom Claugus in 1993, GMT Capital is based in Atlanta, GA. The firm allocates assets both long and short across all markets and sectors.

About Saturn Oil & Gas Inc.

Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan, West Central Saskatchewan and Central Alberta that provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an ESG-focused culture, Saturn's goal is to increase reserves, production and cash flows at an attractive return on invested capital. Saturn's shares are listed for trading on the Toronto Stock Exchange under ticker 'SOIL', on the Frankfurt Stock Exchange under symbol 'SMKA' and on the OTCQX under the ticker 'OILSF'.

For additional information, please contact:

John Jeffrey, MBA - Chief Executive Officer
or
Kevin Smith, MBA - VP Corporate Development
Tel: +1 (587) 392-7900
www.saturnoil.com
info@saturnoil.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174147

FAQ

What is the company name?

The company name is Saturn Oil & Gas Inc.

What is the stock symbol for Saturn Oil & Gas Inc. on the TSX?

The stock symbol for Saturn Oil & Gas Inc. on the TSX is SOIL.

Who is the largest shareholder of Saturn Oil & Gas Inc.?

The largest shareholder of Saturn Oil & Gas Inc. is GMT Capital Corp.

How many common shares did GMT Capital Corp. acquire?

GMT Capital Corp. acquired 6,994,049 common shares of Saturn Oil & Gas Inc.

What is the percentage of Saturn's issued and outstanding Common Shares held by GMT Capital Corp.?

GMT Capital Corp. holds approximately 24.91% of Saturn's issued and outstanding Common Shares.

How many dilutive warrants and options were cancelled?

A total of 30,536,134 dilutive warrants and options were cancelled.

What is the stock symbol for Saturn Oil & Gas Inc. on the FSE?

The stock symbol for Saturn Oil & Gas Inc. on the FSE is SMKA.

What is the stock symbol for Saturn Oil & Gas Inc. on the OTCQX?

The stock symbol for Saturn Oil & Gas Inc. on the OTCQX is OILSF.