GMT Capital Acquires Additional Securities of Strategic Oil & Gas Ltd.
ATLANTA, March 14, 2018 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable securities laws, GMT Capital Corp. ("GMT") announces that effective February 28, 2018, GMT and certain of its hedge fund and private client managed accounts acquired from Strategic Oil & Gas Ltd. ("SOG") $2,426,000 aggregate principal amount of 8.0% secured convertible notes ("Notes") having a conversion price of $1.08 per Common Share. The Notes were issued as a payment-in-kind in satisfaction of certain interest obligations of SOG. As a result of the acquisition of the Notes, GMT and its hedge fund and private client managed accounts may, on the conversion of such Notes, acquire an additional 2,246,296 common shares ("Common Shares") of SOG, representing approximately 4.84% of the issued and outstanding Common Shares.
GMT has previously reported holdings on behalf of itself and its hedge fund and private client managed accounts of 24,928,802 Common Shares representing approximately 53.74% of the then issued and outstanding Common Shares. GMT and its hedge fund and private client managed accounts currently hold an aggregate of: (i) 25,079,941 Common Shares representing approximately 54.06% of the issued and outstanding Common Shares; (ii) $58,190,000 principal amount of Notes having a conversion price of $1.80 per Common Share; (iii) $2,153,000 principal amount of Notes having a conversion price of $3.30 per Common Share; (iv) $2,214,000 principal amount of Notes having a conversion price of $2.70 per Common Share; (v) $2,297,000 principal amount of Notes having a conversion price of $2.03 per Common Share; and (vi) $2,426,000 principal amount of Notes having a conversion price of $1.08 per Common Share. The Notes are convertible into an aggregate of 37,178,025 Common Shares. As at the date hereof, if GMT and its hedge fund and private client managed accounts converted the Notes they would hold an aggregate of 62,257,966 Common Shares representing approximately 74.50% of the issued and outstanding Common Shares.
The Common Shares and Notes (collectively, the "SOG Securities") were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over SOG. GMT and its hedge fund and private client managed accounts may from time to time acquire additional SOG Securities, dispose of some or all of the existing or additional SOG Securities or may continue to hold the SOG Securities.
GMT specifically disclaims any beneficial ownership of the SOG Securities held by its hedge fund and private client managed accounts, but as investment manager of its managed accounts GMT has exclusive power to exercise investment control or direction over such SOG Securities.
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