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Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Strategic Clearwater and Waterflood Asset Acquisitions and $68 Million Equity Financing
Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Strategic Clearwate...
About this update from Tamarack Valley Energy Ltd.
[{"type":"text","content":"\n \n \n \n Tamarack Valley Energy Ltd. Announces Closing of Previously Announced Strategic Clearwater and Waterflood Asset Acquisitions and $68 Million Equity Financing\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: RIGHT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX: TVE\n \n \n \n \n CALGARY, AB\n \n ,\n \n March 25, 2021\n \n /CNW/ - Tamarack Valley Energy Ltd. (\"\n \n Tamarack\n \n \" or the \"\n \n Company\n \n \") (TSX: TVE) is pleased to announce the closing of the two previously announced strategic acquisitions (together, the \"\n \n Acquisitions\n \n \") in the Provost and Nipisi areas of\n \n Alberta\n \n for a total net purchase price of\n \n $135\n \n .3 million, after deducting the proceeds from the sale of two newly created 4.0% gross overriding royalties (\"\n \n GORR\n \n \") on a select portion of the acquired Nipisi properties.\n \n \n \n \n \n \n \n \n \n Concurrent with the Acquisitions, the Company completed its previously announced bought-deal financing (the \"\n \n Financing\n \n \") of 30,303,000 common shares of Tamarack (\"\n \n Common Shares\n \n \") at a price of\n \n $2.25\n \n per Common Share (the \"\n \n Offering Price\n \n \") for gross proceeds of approximately\n \n $68 million\n \n . The Company also completed an amendment to the syndicated credit facility, with an increased borrowing base of\n \n $325 million\n \n . In addition, Tamarack issued 4,888,889 Common Shares in conjunction with the acquisition of Woodcote Petroleum Inc. (\"\n \n Woodcote\n \n \"). Post-completion of the Financing and Acquisi...