TORC Oil & Gas closes bought deal financing

Torys acted as counsel to the underwriters led by Macquarie Capital Markets with a team that included Scott Cochlan, Mike Pedlow and Kay Turner (corporate/securities).

On August 16, 2016, TORC Oil & Gas Ltd. ("TORC") closed its previously announced public offering of 12,236,000 common shares through a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. for gross proceeds of C$86.3 million (including the full exercise of over-allotment option).

The net proceeds from the financing will initially be used, in conjunction with the proceeds from a concurrent private placement of 3,546,100 common shares to its cornerstone investor, to reduce indebtedness under TORC's credit facility, which will subsequently be re-drawn to fund the purchase price of the previously announced acquisition of complementary light oil assets in southeast Saskatchewan, which is expected to close in September 2016.

Further information can be found on Canada Newswire's website.