ATLANTA, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable securities laws GMT Capital Corp. ("GMT") announces that effective November 27, 2018, in connection with the purchase by GMT and certain of its hedge fund and private client managed accounts (the "GMT Entities") of $14,550,000 aggregate principal amount of first lien secured notes of Strategic Oil & Gas Ltd. ("SOG"), SOG issued to the GMT Entities common share purchase warrants (the "Warrants") entitling them to acquire an aggregate of 73,904,303 common shares ("Common Shares") of SOG at a price of $0.065625 per share for a period of 5 years.
GMT has previously reported holdings on behalf of itself and its hedge fund and private client managed accounts of 1,107,436,501 Common Shares representing approximately 60.94% of the issued and outstanding Common Shares. The Warrants entitle the GMT Entities to acquire an additional 73,904,303 Common Shares representing approximately 4.07% of the Common Shares currently outstanding. If such Warrants were exercised in full, GMT and its managed accounts would hold an aggregate of 1,181,340,804 Common Shares representing approximately 62.47% of the outstanding Common Shares.
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 SOG. GMT and its 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/or Warrants.
GMT specifically disclaims any beneficial ownership of the Common Shares and Warrants 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 Common Shares and Warrants.
CONTACT: 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