Topaz and Tourmaline close C$345 million bought deal secondary offering

Torys acted as counsel to the syndicate of underwriters, co-led by Peters & Co. and BMO Capital Markets, with a team led by Scott Cochlan and that included Mike Pedlow and Donald Baker (corporate/securities).

On December 11, 2024, Topaz Energy Corp. ("Topaz") and Tourmaline Oil Corp. ("Tourmaline") announced the closing of the previously announced secondary offering of common shares of Topaz by Tourmaline.

The shares were offered, on a bought deal basis, pursuant to an underwriting agreement dated effective November 25, 2024. Under the terms of the agreement, Tourmaline sold 10,800,000 common shares, in addition to 1,620,000 common shares sold pursuant to the exercise in full of an over-allotment option granted to the underwriters, at a price of C$27.80 per share for total gross proceeds to Tourmaline of C$345.28 million. Topaz will not receive any of the proceeds of the offering.

The offering was led by Peters & Co. Limited and BMO Capital Markets, on behalf of a syndicate of underwriters that also included National Bank Financial Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., TD Securities Inc., ATB Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., and Tudor, Pickering, Holt & Co. Securities – Canada, ULC.

Prior to the closing of the offering, Tourmaline held 45,149,494 common shares of Topaz, representing approximately 29.4% of its issued and outstanding common shares. Following closing, Tourmaline now holds 32,729,494 common shares, representing approximately 21.34% of the issued and outstanding common shares of Topaz.

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

Topaz is a unique royalty and infrastructure energy company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with Canada's largest and most active natural gas producer, Tourmaline, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies.

Tourmaline is Canada's largest and most active natural gas producer dedicated to producing the lowest-cost natural gas in North America.