Remus Investment in PetroTal Early Warning News Release

LONDON, Dec. 14, 2020 /CNW/ - Remus Horizons PCC Limited ("Remus"), the petroleum fund of Remus Corporation, is pleased to announce that it has filed an early warning report in respect of its holdings in PetroTal Corp. ( "PetroTal") (TSX.V: TAL).

On December 11th, 2020 Remus acquired, by way of private agreement (the "Agreement"), beneficial ownership of, or control or direction over, 218,012,500 common shares of the Company (the "Shares") from Gran Tierra Resources Ltd. ("GTRL"). Completion of the transaction is expected to occur on or about December 18, 2020, subject to a number of conditions being satisfied or waived by one or both of GTRL and Remus.

Remus has acquired this interest both as a long term investor in Petrotal, and with a strong commitment to economic and social development in Peru. 

Sath Kanagarajah, CEO of Remus Corporation commented: "We are delighted to achieve this significant strategic milestone for Remus and our investors. Our deeply experienced management team look forward to working with PetroTal and the Peruvian national authorities to support further development of PetroTal, in full cooperation with all their stakeholders. We are especially keen to foster local employment opportunities and partnerships with the communities in which PetroTal operates."

Immediately prior to the acquisition of the Shares, Remus did not hold, directly or indirectly, or exercise control or direction over, any voting or equity securities of any class of the Company, or securities convertible into voting or equity securities of any class of the Company. Immediately following the acquisition of the Shares Remus held beneficial ownership of, or control and direction over, (i) 218,012,500 Common Shares; representing approximately 26.7% of the number of common shares outstanding on a basic basis.

The Shares were acquired for investment purposes, and Remus has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of the Company. Remus reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate.

A copy of the early warning report filed by Remus in connection with the acquisition of the Shares described above is available on SEDAR under the Company's profile at www.sedar.com. This news release is issued under the early warning provisions of the Canadian securities legislation.

About Remus

Remus Horizons PCC Limited is a Private Investment Fund incorporated under Guernsey law, and is managed by Remus Horizons Management Company Limited, a licensee of The Guernsey Financial Services Commission. 

Remus is a privately owned and managed investor in energy assets and companies, with a long-term investment horizon and a dedication to unlocking the full potential of energy opportunities. Remus actively seeks economic and social value creation for all stakeholders, including local employees, their families, and communities.  Its management and advisors bring many decades of investment and operational expertise to project scouting, development, and management.

Forward-Looking Information

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), including statements related to Remus' expectations regarding the timing of the completion of the transaction and the satisfaction or waiver of certain conditions, and Remus' potential future actions with respect to securities of the PetroTal. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "will," "intends" and similar expressions are intended to identify these forward-looking statements. There are a number of important factors that could cause Remus' results to differ materially from those indicated by these forward-looking statements, including risks and uncertainties related to the satisfaction or waiver of closing conditions related to the transaction. There can be no assurance that Remus will be able to complete the proposed transaction on the anticipated terms, or at all. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Remus that it believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Remus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Remus' forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Remus Horizons PCC Limited

Remus Horizons PCC Limited, Name: Sath Kanagarajah, Title: Director, Telephone: [phone], [email protected], www.remus-corp.com