Topaz Energy closes bought deal equity financing

On October 22, 2024, Topaz Energy Corp. ("Topaz") announced the completion of its previously announced bought deal equity financing of common shares. Pursuant to the financing, Topaz issued 8,050,000 common shares common shares, including 1,050,000 common shares issued pursuant to the exercise in full of an over-allotment option granted to the underwriters. The common shares were issued at a price of C$25.05 per common share for total gross proceeds of C$$201.7 million.

The equity financing was made through a syndicate of underwriters co-led by Peters & Co. Limited and National Bank Financial Inc. and included BMO Nesbitt Burns Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., TD Securities Inc., ATB Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Raymond James Ltd., and Tudor, Pickering, Holt & Co. Securities – Canada, ULC.

The aggregate gross proceeds from the equity financing — together with the proceeds from a concurrent private placement of an additional 209,177 common shares to certain directors, officers, employees and their associates of Topaz, totalling combined proceeds of approximately C$206.9 million — will be used to fund a portion of the previously announced acquisition of gross overriding royalty interests on approximately 3.0 million gross acres, over 50% undeveloped, in its NEBC Montney, Alberta Deep Basin and Peace River High core royalty areas from Tourmaline Oil Corp. for C$278.2 million.

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

Topaz is a unique royalty and energy infrastructure company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with one of Canada's largest natural gas producers, Tourmaline Oil Corp., an investment grade senior Canadian E&P company.