Toro Oil & Gas closes bought deal financing
On June 29, 2016, Toro Oil & Gas Ltd. (Toro) announced the closing of its previously announced bought deal offering of units, consisting of one common share and one-half of one transferable common share purchase warrant, for gross proceeds of C$12.6 million. Pursuant to the terms of the agreement, Toro issued and sold a total of 54,820,400 units (including those issued pursuant to the partial exercise of the over-allotment option) at a price of C$0.23 per unit, through a syndicate of underwriters led by AltaCorp Capital Inc. and which included GMP Securities L.P., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., FirstEnergy Capital Corp. and PI Financial Corp.
On July 28, 2016, the underwriters exercised a portion of their remaining over-allotment option for 1,286,900 units, raising the total gross proceeds of the offering to C$12.9 million.
The net proceeds from the offering will be used to expand the company's capital budget, for debt reduction and for general corporate purposes.
Toro is a junior oil and gas energy company listed on the TSXV. Toro is focused on acquiring, developing and exploiting large oil in place pools within the Alberta-Saskatchewan Viking light oil fairway.
Further information can be found on Toro's website.