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TAG Oil Announces Closing of Public Offering to Strategically Advance Unconventional and Conventional Opportunities in Egypt
TAG Oil Announces Closing of Public Offering to Strategically Advance Unconventional and Conventi...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\n\n\n TAG Oil Announces Closing of Public Offering to Strategically Advance Unconventional and Conventional Opportunities in Egypt\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 /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Dec. 6, 2024\n \n\n /CNW/ -\n \n TAG Oil Ltd.\n \n (TSXV: TAO) (OTCQX: TAOIF) and (FSE: T0P) (\"\n \n TAG Oil\n \n \" or the \"\n \n Company\n \n \") is pleased to announce the closing of its public offering (the \"\n \n Offering\n \n \") of units of the Company (the \"\n \n Units\n \n \") at a price of\n \n $0.17\n \n per Unit for aggregate gross proceeds of\n \n $6,815,963\n \n . The Offering was led by Research Capital Corporation as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Beacon Securities Limited, Canaccord Genuity Corp., Haywood Securities Inc., Ventum Financial Corp., and Tennyson Securities (collectively, the \"\n \n Agents\n \n \").\n \n\n\n\n\n\n\n\n\n Each Unit is comprised of one common share of the Company (\"\n \n Common Share\n \n \") and one Common Share purchase warrant (a \"\n \n Warrant\n \n \"). Each Warrant shall be exercisable to acquire one Common Share (a \"\n \n Warrant Share\n \n \") at an exercise price equal to\n \n $0.25\n \n per Warrant Share until\n \n December 6, 2026\n \n .\n \n\n The Company intends to use the net proceeds of the Offering to advance appraisal and development activities in the Western Desert,\n \n Egypt\n \n , at both the Badr Oil Field and strategic new 512,000-acre concession (the \"\n \n Strategic Acquisition\n \n \") and for working capital and general corporate purposes.\n \n\n The Company plans to also complete a\n \n third-party resource report\n \n on the Strategic Acquisition of the large acreage position in\n \n Egypt\n \n that is in the process of being acquired. The agreement contemplates standard farm-in terms and is subject to certain conditions and other regulatory approvals, including approval of the TSX Venture Exchange, if r...