- TAG Oil (TAO) has filed a preliminary short-form prospectus to raise aggregate gross proceeds of C$20,000,000 through a marketed public offering
- Final pricing of the common shares and the number of common shares to be sold regarding the offering will be determined following marketing and in the context of the market
- The offering will be conducted on an overnight-marketed basis
- TAG Oil Ltd. is a Canadian-based international oil and gas exploration company with a focus on opportunities in the Middle East and North Africa
- TAG Oil Ltd. opened trading at C$0.455 per share
TAG Oil (TSXV:TAO) has filed a preliminary short-form prospectus with the securities commissions in all provinces of Canada except Québec.
This is in connection with a marketed public offering of common shares in the capital of the company seeking to raise aggregate gross proceeds of C$20,000,000.
Final pricing of the common shares and the number of common shares to be sold regarding the offering will be determined following marketing and in the context of the market.
The offering will be conducted on an overnight-marketed basis by a syndicate of agents led by Research Capital Corporation, as co-lead agent and sole-bookrunner and Echelon Wealth Partners Inc., as co-lead agent on behalf of a syndicate of agents, including Tennyson Securities.
Some directors and officers of the company will be participating alongside investors in the offering.
The company plans to grant the agents an option exercisable in whole or in part at the sole discretion of the agents.
TAG Oil intends to use the net proceeds of the offering to fund different operational projects, one of which is the company’s fourth quarter 2022 and 2023 operational and drilling budget at the Abu Roash “F” reservoir in the Badr Oil Field, located in the Western Desert of Egypt.
The offering is expected to close on or about the week of November 1, 2022, or such other date as the company and the agents may agree.
Closing of the offering is subject to customary closing conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the TSX Venture Exchange.
TAG Oil Ltd. is a Canadian-based international oil and gas exploration company with a focus on opportunities in the Middle East and North Africa.
TAG Oil Ltd. opened trading at C$0.455 per share.