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TOURMALINE COMPLETES RISING STAR ACQUISITON AND FILES EARLY WARNING REPORT
TOURMALINE COMPLETES RISING STAR ACQUISITON AND FILES EARLY WARNING REPORT Cana...
About this update from Tourmaline Oil Corp.
[{"type":"text","content":"\n \n \n \n TOURMALINE COMPLETES RISING STAR ACQUISITON AND FILES EARLY WARNING REPORT\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Aug. 10, 2022\n \n \n /CNW/ - Tourmaline Oil Corp. (TSX: TOU) (\"Tourmaline\" or the \"Company\") is pleased to announce the completion of its previously announced acquisition of Rising Star Resources Ltd. (the \"Transaction\"). The purchase price for the Transaction included 6,000,000 common shares (\"Topaz Shares\") of Topaz Energy Corp. (\"Topaz\") currently owned by Tourmaline and\n \n $67,770,000\n \n . In connection with this disposition of Topaz Shares, Tourmaline has filed an Early Warning Report as required by applicable securities laws.\n \n \n \n \n \n \n \n \n \n \n Required Early Warning Disclosure\n \n \n \n This disclosure is being provided pursuant to National Instrument 62-103 –\n \n The Early Warning System and Related Take-Over Bid and Insider Reporting Issues\n \n , which also requires a report to be filed by Tourmaline with the regulatory authorities in each jurisdiction in which the Company is a reporting issuer containing information with respect to the foregoing matters (the \"Early Warning Report\").\n \n \n Prior to the Transaction, the Company held 51,149,494 Topaz Shares, representing approximately 35.5% of the issued and outstanding Topaz Shares. Following the closing of the Transaction, the Company holds 45,149,494 Topaz Shares, representing approximately 31.3% of the issued and outstanding Topaz Shares.\n \n \n Tourmaline disposed of the Topaz 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 equity is also consistent with its commitment to continue to reduce overall debt levels of Tourmaline and accelerate shareholder returns. The disposition will expand Topaz's free-trading share float and provide new and existing shareholders with enhanced trading liquidity which is in-line with T...