Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC) announced today that it has received approval from the Superintendencia Financiera de Colombia ("Superfinanciera"), the Colombian regulatory entity in charge of supervising public issuers, for the listing of its shares on La Bolsa de Valores de Colombia (the "BVC", or the "Colombian Stock Exchange"). Pacific Rubiales is the first international company to have its shares listed on the exchange. Shares will be freely traded beginning the week of December 21 under the symbol PREC.
Mr. Ronald Pantin, Chief Executive Officer, commented: "This news is the perfect culmination of a record breaking year for us. We are the first international company listed on the Colombian Stock Exchange and we are proud to be in this position. We will be fully engaged in the Colombian capital market and are looking forward to being a significant participant in its growth and development. This development will expand the company's shareholder base and enable it to access capital in the region if needed."
The process for the listing of the company's shares on the BVC started nine months ago (see press release dated September 10, 2009) and involved the participation and close collaboration of a number of entities, including the Banco de la Republica (Colombian Central Bank), the Ministry of Finance, Deceval (Clearing Agent), and La Bolsa de Valores de Colombia. Citivalores and Brigard & Urrutia served as advisors throughout the process. Their collective efforts and commitment to the process is what made the listing of the company's shares possible in a relatively short time frame.
The listing does not involve the issuance of new common shares of the company or any other securities or derivatives, such as ADRs, as it was structured solely to allow the common shares of the company that are currently issued and outstanding, and trading on the Toronto Stock Exchange, to be tradeable by investors through the facilities of the BVC. Other than enabling investors to buy and sell shares in Colombian Pesos, the listing will not result in any changes to the rights and entitlements of holders of the company's shares, irrespective of whether they purchase their shares through the TSX or the BVC.