TAG Oil completes C$11.7 million bought-deal public offering
Torys acted as counsel to TAG Oil with a team that included Janan Paskaran, Martin Mix, Jon McDonald and Sarah Horsfall (corporate/securities).
On August 24, 2023, TAG Oil Ltd. (“TAG Oil”) announced the closing of its bought-deal public offering of 20,240,542 common shares at a price of C$0.58 per common share for the aggregate gross proceeds of C$11,739,514, including the partial exercise of the over-allotment option.
The offering was completed pursuant to an underwriting agreement dated effective July 31, 2023. TAG Oil entered into the agreement with Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Echelon Wealth Partners Inc., Canaccord Genuity Corp., and Haywood Securities Inc.
The net proceeds of the offering will be used to accelerate the drilling program of the Abu Roash “F” reservoir in the Badr Oil Field, located in the Western Desert of Egypt (with the first horizontal well expected to spud in early August 2023), to pursue potential strategic acquisition opportunities in Egypt and the broader Middle East and North Africa region, and for general working capital purposes.
Further information can be found on Canada Newswire’s website.
TAG Oil is a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.