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TAG Oil Announces Closing of $25.3 Million Underwritten Offering of Common Shares
TAG Oil Announces Closing of $25.3 Million Underwritten Offering of Common Shares ...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n \n \n \n TAG Oil Announces Closing of $25.3 Million Underwritten Offering of Common Shares\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 TSXV: TAO\n \n \n \n \n \n VANCOUVER\n \n , BC­\n \n ,\n \n \n Nov. 4, 2022\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 previously announced underwritten public offering (the \"\n \n Offering\n \n \") of 63,250,000 common shares of the Company (the \"\n \n Common Shares\n \n \"), at a price of\n \n $0.40\n \n per Common Share for aggregate gross proceeds of\n \n $25.3 million\n \n , including the full exercise of the over-allotment option.\n \n \n The Offering was conducted by a syndicate of underwriters led by Research Capital Corporation, as co-lead underwriter and sole-bookrunner and Echelon Capital Markets, as co-lead underwriter and Tennyson Securities.\n \n \n The Company intends to use the net proceeds of the Offering to: (i) fund the Company's fourth quarter 2022 and 2023 operational and drilling budget at the Abu Roash \"F\" reservoir in the Badr Oil Field, located in the Western Desert of\n \n Egypt\n \n , (ii) conduct technical studies and evaluations to pursue other acquisition opportunities in\n \n Egypt\n \n , (iii) place equipment inventory orders for the Company's 2024 drilling campaign, and (iv) unallocated working capital, as more fully described in the Prospectus (as defined below).\n \n \n Certain directors and insiders of the Company participated in the Offering, acquiring an aggregate of 2,862,500 Common Shares. Participation by the directors and officers in the Offering was considered a \"related party transaction\" pursuant to Multilateral Instrument 61- 101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI 61-101\n \n \"). The Company was exempt from the requirements to obtain a formal va...