GMT Capital Converts Notes and Acquires Additional Shares of Strategic Oil & Gas Ltd.
ATLANTA, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable securities laws, GMT Capital Corp. ("GMT") announces that effective November 26, 2018, $69,793,000 aggregate principal amount of 8.0% secured convertible notes ("Notes") of Strategic Oil & Gas Ltd. ("SOG") held by GMT and its hedge fund and private client managed accounts (being all of the Notes held by GMT and its managed accounts), together with all accrued and unpaid interest earned on such Notes, were converted into an aggregate of 1,082,356,560 common shares ("SOG Shares") of SOG at a conversion price of $0.06562540772 per SOG Share.
GMT has previously reported holdings on behalf of itself and its managed accounts of 25,079,941 Common Shares representing approximately 54.06% of the then issued and outstanding Common Shares. As a result of the conversion of the Notes and the accrued and unpaid interest earned thereon, GMT and its hedge fund and private client managed accounts now hold an aggregate of 1,107,436,501 SOG Shares representing approximately 60.94% of the issued and outstanding SOG Shares.
The SOG Shares 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 Shares, dispose of some or all of the existing or additional SOG Shares or may continue to hold the SOG Shares.
GMT specifically disclaims any beneficial ownership of the SOG Shares 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 Shares.
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
