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TORONTO, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSXV: SEI) (the “Company” or “Sintana”) is pleased to announce the appointment of Mr. Robert Bose as President of the Company. Mr. Bose currently serves as a director of the Company and is a Principal of Charlestown Capital Partners (“Charlestown”) where he manages Charlestown Energy Partners, a private investment vehicle focused on investments in energy and commodities globally.
Prior to Charlestown, Mr. Bose spent 17 years in the Global Investment Banking Group at the Bank of Nova Scotia most recently as Managing Director and Head of the Power & Utilities Group. There, he was specifically focused on providing M&A and capital markets coverage to financial sponsors with interest in the energy and power sectors. Mr. Bose has an Honors Degree in Economics from Queen’s University in Kingston, Ontario and a CFA Charterholder.
Mr. Bose is replacing Mr. David Cherry as President of the Company. Mr. Cherry will continue to act as Chief Operating Officer of the Company.
As previously announced, the Company has entered into a definitive agreement providing for the acquisition (the “Acquisition”) of a 49% interest in all of the issued and outstanding shares of Inter Oil (Pty) Ltd. in consideration of a cash payment of US$4,000,000 (the “Cash Payment”) and the issuance of an aggregate of 34,933,333 common shares of the Company. The Cash Payment is proposed to be funded through the private placement of 33,600,000 common shares at a price of Cdn$0.15 per share (the “Private Placement”), in connection with which Charlestown has agreed to subscribe for the full placement either directly or through its nominees, conditional upon the concurrent completion of the Acquisition and other standard closing conditions.
“I am excited to join the Sintana management team as we move to complete our recently announced acquisition. Charlestown Energy Partners has been an active investor in global exploration opportunities and we believe the large potential resources and upcoming catalysts in Namibia and Colombia position Sintana for significant growth and value creation in the near-term.” said Mr. Bose. “We are looking forward to having Rob join the management team as part of Charlestown’s continuing support for Sintana.” added Keith Spickelmier, Executive Chairman of the Board.
The Acquisition and Private Placement remain subject to the satisfaction of various closing conditions and the receipt of all applicable approvals, including, without limitation, the approval of the TSX Venture Exchange (“TSXV”). The Private Placement will also be subject to approval by Sintana shareholders given that Charlestown will become a “control person” of the Company within the meaning of the TSXV Company Manual as a result of its participation in the Private Placement. The Company is seeking such shareholder approval at its annual and special shareholders meeting scheduled to be held on November 19, 2021.
The Company is currently engaged in hydrocarbons exploration and development activities in Colombia’s Magdalena Basin. Sintana’s business strategy is to acquire, explore, develop and produce superior quality assets with significant reserves potential.
On behalf of Sintana Energy Inc.,
“Douglas G. Manner”
Chief Executive Officer
For additional information regarding Sintana and ongoing corporate activities, please visit the Company’s website at www.sintanaenergy.com.
Douglas G. Manner
Sean J. Austin
Chief Executive Officer
Neither the TSX Venture Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks related to the satisfaction of all outstanding closing conditions for the completion of the Acquisition and/or Private Placement, currency risk, political and security risks relating to operations in Namibia, availability of capital, permitting and land title issues, the risks inherent in oil and gas exploration and development activities, and such other risk factors as are set forth in the Company’s continuous disclosure documents available on SEDAR from time to time.. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update the forward-looking statements contained herein other than as required under applicable securities laws.