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Tourmaline and Topaz Announce the Closing of $108 Million Bought Deal Secondary Offering of Topaz Common Shares
Tourmaline and Topaz Announce the Closing of $108 Million Bought Deal Secondary Offering ...
About this update from Topaz Energy Corp
[{"type":"text","content":"\n \n \n \n Tourmaline and Topaz Announce the Closing of $108 Million Bought Deal Secondary Offering of Topaz Common Shares\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 DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n CALGARY, AB\n \n ,\n \n Sept. 21, 2021\n \n /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (\"\n \n Tourmaline\n \n \" or the \"\n \n Selling Shareholder\n \n \") and Topaz Energy Corp. (TSX: TPZ) (\"\n \n Topaz\n \n \" or the \"\n \n Company\n \n \") announced today the closing of the previously announced secondary offering (the \"\n \n Offering\n \n \") of common shares of the Company (the \"\n \n Common Shares\n \n \").\n \n \n \n \n \n \n \n \n \n Pursuant to the Offering, the Selling Shareholder sold 7,000,000 Common Shares at a price of\n \n $15.45\n \n per Common Share for total gross proceeds to the Selling Shareholder of\n \n $108.15 million\n \n . The Company has not and will not receive any of the proceeds of the Offering.\n \n \n The Offering was made, on a bought deal basis, pursuant to an underwriting agreement dated effective\n \n August 30, 2021\n \n among the Company, the Selling Shareholder and Peters & Co. Limited (the \"\n \n Lead Underwriter\n \n \"), BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Stifel Nicolaus Canada Inc. and TD Securities Inc. (collectively with the Lead Underwriter, the \"\n \n Underwriters\n \n \"). In connection with the Offering, the Underwriters received a cash commission equal to 4% of the gross proceeds of the Offering.\n \n \n Following the closing of the Offering, the Selling Shareholder holds 51,149,494 Common Shares, representing approximately 39.71% of the issued and outstanding Common Shares.\n \n \n Tourmaline sold the Common Shares as part of a long term plan to reduce its equity position as Topaz develops and continues to succeed as an independent royalty and infrastructure company.  Tourmaline's reduction in Topaz equ...