Business
TAG Oil Closes $25,080,000 Bought Deal Offering
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES./\n\n\nVANCOUVER, Nov. 13, 2013 /CNW/ - TAG Oil Ltd. (the \"Company\" or \"TAG\") (TSX: TAO) (OTCQX: TAOIF) is pleased to announce that it has closed the previously announced\n bought deal offering of common shares of the Company (\"Common Shares\") for aggregate gross proceeds of $25,080,000 (the \"Financing\").  Pursuant to an underwriting agreement dated effective as of October\n 23, 2013 (the \"Underwriting Agreement\"), the Company, through a syndicate of underwriters co-led by Dundee\n Securities Ltd. and Casimir Capital Ltd., and including Credit Suisse\n Securities (Canada) Inc., Cormark Securities Inc., Mackie Research\n Capital Corporation and M Partners Inc. (collectively, the \"Underwriters\"), issued 5,700,000 Common Shares, at a price of $4.40 per Common Share\n (the \"Offering Price\"), for aggregate gross proceeds of $25,080,000. Pursuant to the terms\n of the Underwriting Agreement, the Company has granted the Underwriters\n an option to purchase up to an additional 855,000 Common Shares, at the\n Offering Price, until December 13, 2013.\n\n\nThe Company anticipates that the net proceeds of the Financing will\n primarily be used to:\n\n\ncarry out and accelerate Taranaki Basin drilling, completion and\n commercialization projects, including TAG's deep Kapuni projects;\n\n\nbuild TAG's East Coast basin unconventional project team;\n\n\nbuild a longer-term, clearly defined and executable exploration and\n development program in the East Coast and Canterbury Basins in New\n Zealand;\n\n\nincrease TAG's land position in the East Coast and Taranaki Basins; and\n\n\nfor general corporate purposes.\n\n\nThis press release is not an offer or a solicitation of an offer of\n securities for sale in the United States. The Common Shares have not\n and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent\n registration or an applicable exemption from registration.\n\n\nTAG Oil Ltd.\n\n\nTAG Oil Ltd. (http://www.tagoil.com/) is a Canadian-based production and exploration company with operations\n focused exclusively in New Zealand. With 100% ownership over all its\n core assets, including extensive oil and gas production infrastructure,\n TAG is enjo...