Vitol Energy (Bermuda) Ltd.

June 28, 2017 11:17 ET

Vitol Energy (Bermuda) Ltd. Announces Purchase of Securities of Greenfields Petroleum Corporation

TORONTO, ONTARIO--(Marketwired - June 28, 2017) - Vitol Energy (Bermuda) Ltd. (Vitol) announced today that it has purchased an aggregate of 15,658,201 common shares (Common Shares) of Greenfields Petroleum Corporation (Greenfields) by way of private placement at a price of US$0.1485 (approximately C$0.20) per share for an aggregate purchase price of US$2,325,243 (approximately C$3,131,640).

Prior to giving effect to such purchase, Vitol beneficially owned 61,356,601 Common Shares and warrants (Warrants) entitling Vitol to acquire up to 75,404,975 Common Shares. The Common Shares held by Vitol represented 39.1% of the issued and outstanding Common Shares. The Warrants only vest in the event of a dilutive issuance of securities by Greenfields and may only be exercised by Vitol to the extent necessary to maintain its proportionate ownership of the outstanding Common Shares.

After giving effect to the purchase of Common Shares described above, Vitol beneficially owns 77,014,802 Common Shares representing 43.4% 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.

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.

Contact Information

  • Vitol Energy (Bermuda) Ltd.
    Barbara E. West
    1 (441) 295-1408