Gran Tierra Energy Inc. agreed to acquire the entire issued and to be issued share capital of i3 Energy plc. for US$225.4 million.
Under the terms of the Acquisition, each i3 Energy Shareholder will be entitled to receive one New Gran Tierra Share per every 207 i3 Energy Shares held; and 10.43 pence cash per i3 Energy Share.
In addition, each i3 Energy Shareholder will be entitled to receive a cash dividend of 0.2565 pence per i3 Energy Share in lieu of the ordinary dividend in respect of the three month period ending 30 September 2024.
Following completion of the Acquisition, i3 Energy Shareholders will own up to 16.5 percent of Gran Tierra.
Based on Gran Tierra's closing price of US$8.66 per Gran Tierra Share on the NYSE American on 16 August 2024 (being the last Business Day before the Offer Period began), the Acquisition implies a value of 13.92 pence per i3 Energy Share and approximately 174.1 million pounds or US$225.4 million for the entire issued and to be issued share capital of i3 Energy which represents a premium of 49.0 per cent to the Closing Price of 9.34 pence per i3 Energy Share on 16 August 2024.
Following completion of the Acquisition, it is expected that the i3 Energy Shares will be cancelled from trading on the AIM market of the London Stock Exchange and delisted from the TSX.
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