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PetroTal Announces 2023 Grant of Performance Share Units, Common Shares Issued and Total Voting Rights
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - April 6, 2023) - PetroTal Corp. (TSX: TAL)...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces 2023 Grant of Performance Share Units, Common Shares Issued and Total Voting RightsCalgary, Alberta and Houston, Texas--(Newsfile Corp. - April 6, 2023) - PetroTal Corp. (TSX: TAL) (AIM: PTAL) (OTCQX: PTALF) (\"PetroTal\" or the \"Company\") announces the annual grant of performance share units (\"PSUs\") to employees and officers of the Company, in accordance with the Company's performance and restricted share unit plan, and the issue of new Common Shares pursuant to the Company's 2022 PSU grants.2023 PSU grantsPetroTal has granted an aggregate of 5,884,250 PSUs, of which 3,523,786 PSUs are to Officers. The PSUs issued to the Officers will vest three years from the date of grant and each PSU will entitle the holder to acquire, for nil cost, between zero and two common shares of the Company (\"Shares\"), subject to achievement, as evaluated by the Corporate Governance and Compensation Committee, of 2023 Key Performance Indicators (\"KPIs\") relating to the Company's total shareholder return, net asset value and certain production and operational milestones. The remaining 2,360,464 PSUs are issued to employees, and vest annually, on an equal basis, over the next three years. Manuel Pablo Zuniga-PfluckerPresident and CEO2,290,200Douglas UrchExecutive Vice President and CFO635,011Dewi JonesVice President, Exploration and Development598,575 Shares issued for vested 2022 PSUsIn recognition of 2022 KPIs achievement, the Company has issued an aggregate of 803,737 Common Shares to employees (none of which were issued to Officers) pursuant to the obligation to annually issue vested PSUs to acquire Common Shares. Further details regarding the PSU plan are set out in the management information circular for the Company dated August 3, 2022, which is available on SEDAR at www.sedar.com. The Corporate Governance and Compensation Committee of the Board is charged with overseeing the PSU plan.Following this grant, the Company has a total of 24,945,966 PSUs outstanding.Admission to Trading and TVRFor the above issuances, application will be made to the London Stock Exchange for the admission of, in aggregate, 803,737 Common Shares to trading on AIM (\"Admission\"). It is expected that Admission will become effective at 8:00 am London time on or around April 13, 2023. Following Admission, the Company will have 884,604...