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TAG Oil Announces Exercise of Over-Allotment Option Increasing Bought-Deal Public Offering to $12.3 Million
TAG Oil Announces Exercise of Over-Allotment Option Increasing Bought-Deal Public Offering to $12...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n \n \n \n TAG Oil Announces Exercise of Over-Allotment Option Increasing Bought-Deal Public Offering to $12.3 Million\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 Sept. 22, 2023\n \n \n /CNW/ -\n \n TAG Oil Ltd.\n \n (TSXV:\n \n TAO\n \n ) (OTCQX:\n \n TAOIF\n \n ) (\"\n \n TAG Oil\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that following the closing of its previously announced bought-deal public offering (the \"\n \n Offering\n \n \"), the further partial exercise of the over-allotment option to purchase an additional 886,000 common shares of the Company (the \"\n \n Common Shares\n \n \") at a price of $0.58 per Common Share has been completed for additional gross proceeds to the Company of $513,880. After giving effect to the partial exercise of the over-allotment option, a total of 21,126,542 Common Shares have been issued pursuant to the Offering for aggregate gross proceeds to the Company of\n \n $12,253,394\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 \"...