Business
TAG Oil Signs Definitive Agreement to Sell its New Zealand Royalty Interests
TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that certain of its New Zealand subsidiaries have entered into a definitive asset sale and purchase agreement dated April 7, 2025 (the "Agreement"), for the sale of its New Zealand royalty interests to an arm's length party (the "Transaction").
About this update from Tag Oil Ltd
[{"type":"text","content":"VANCOUVER, BC, April 8, 2025 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that certain of its New Zealand subsidiaries have entered into a definitive asset sale and purchase agreement dated April 7, 2025 (the "Agreement"), for the sale of its New Zealand royalty interests to an arm's length party (the "Transaction").","length":433,"tagName":"p"},{"type":"image","alt":"TAG Oil Ltd. Logo (CNW Group/TAG Oil Ltd.)","displaySize":"","headline":null,"caption":"TAG Oil Ltd. Logo (CNW Group/TAG Oil Ltd.)","className":"","disableSlideshowImg":false,"size":{"original":{"width":391,"height":102,"url":"https://media.zenfs.com/en/cnwgroup.com/5d862a8026c3cf95b7cfcdda651af435"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/OmgxEGMJPG3NuXIa0ICsFQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE4NDtjZj13ZWJw/https://media.zenfs.com/en/cnwgroup.com/5d862a8026c3cf95b7cfcdda651af435","width":391,"height":102}},"href":"https://mma.prnewswire.com/media/2659844/TAG_Oil_Ltd__TAG_Oil_Signs_Definitive_Agreement_to_Sell_its_New.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Under the terms of the Agreement, the Company will receive up to US$2,500,000, comprising a cash payment of US$2,200,000 at closing, which sum includes a non-refundable deposit of US$50,000, and up to an additional US$300,000 in milestone payments on or before December 31, 2027. The Transaction remains subject to various terms and conditions, including, but not limited to, the approval of the TSX Venture Exchange, with closing anticipated on or before April 30, 2025.","length":471,"tagName":"p"},{"type":"text","content":"Abby Badwi, TAG's Executive Chairman and CEO, commented, "The sale of our New Zealand royalty interests marks another important step in streamlining our portfolio and unlocking value for shareholders. This transaction will strengthen our balance sheet and provide further funding for the 2025 capital program. We continue to make solid progress across our broader corporate initiatives to secure a strategic partner at the BED-1 concession and expanding the Company's acreage holdings in Egypt with a new acquisition."","length":536,"tagName":"p"},{"type":"text","content":"Corporate Update","length":16,"tagName":"p"},{"type":...