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TAG Oil Announces Closing of $11.7 Million Bought-Deal Public Offering
TAG Oil Announces Closing of $11.7 Million Bought-Deal Public Offering Canada NewsWire ...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n \n \n \n TAG Oil Announces Closing of $11.7 Million Bought-Deal Public Offering\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 24, 2023\n \n \n /CNW/ -\n \n TAG Oil Ltd.\n \n (TSXV: TAO) (OTCQX: TAOIF) (\"\n \n TAG Oil\n \n \" or the \"\n \n Company\n \n \") is pleased to announce the closing of its bought-deal public offering of 20,240,542 common shares of the Company (the \"\n \n Common Shares\n \n \") at a price of\n \n $0.58\n \n per Common Share for aggregate gross proceeds to the Company of approximately\n \n $11,739,514\n \n , including the partial exercise of the over-allotment option (the \"\n \n Offering\n \n \"). The Offering was completed pursuant to an underwriting agreement dated effective July 31, 2023, entered into among the Company and a syndicate of underwriters led by 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.\n \n \n 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\n \n Egypt\n \n (TAG Oil commenced drilling the first horizontal well, BED4-T100, in\n \n August 2023\n \n ), to pursue potential strategic acquisition opportunities in Egypt and the broader\n \n Middle East\n \n and\n \n North Africa\n \n region, and for general working capital purposes.\n \n \n The Company filed a final short form prospectus (the \"\n \n Prospectus\n \n \") in all provinces of\n \n Canada\n \n , except Québec, pursuant to National Instrument 44-101 –\n \n Short Form Prospectus Distributions\n \n to qualify for distribution the Common Shares offered pursuant to the Offering. Copies of the Prospectus and documents incorporated by reference therein are available el...