ATLANTA, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable securities laws, GMT Capital Corp. ("GMT") announces that effective January 4, 2019, pursuant to a plan of arrangement (the "Arrangement") involving, among others, Pipestone Oil Corp. ("Pipestone") and Blackbird Energy Inc. ("Blackbird"), certain of GMT's hedge fund and private client managed accounts received an aggregate of 126,275,300 common shares ("Common Shares") of Stage Holdco Ltd. ("Stage Holdco") representing approximately 14.71% of the outstanding Common Shares, and that common share purchase warrants ("Warrants") of Blackbird (predecessor to Pipestone) held by such managed accounts were adjusted to, among other things, entitle them to acquire an additional 38,098,300 Common Shares representing approximately 4.44% of the outstanding Common Shares. GMT specifically disclaims any beneficial ownership of the Common Shares or Warrants, but as investment manager of its managed accounts GMT has exclusive power to exercise investment control or direction over the Common Shares and Warrants.
Prior to the Arrangement GMT's managed accounts did not hold any Common Shares and were not entitled to acquire any Common Shares pursuant to the Warrants. The Common Shares and Warrants were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over Stage Holdco. GMT's hedge fund and private client managed accounts may from time to time acquire additional Common Shares and/or Warrants, dispose of some or all of the existing or additional Common Shares and/or Warrants or may continue to hold the Common Shares and Warrants.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT:
GMT Capital Corp.
2300 Windy Ridge Parkway
Suite 550 South
Atlanta, GA 30339
Attention: Philip J. Meyers, Vice President – Head of Compliance
Telephone: (770) 989-8263