- TAG Oil (TAO) has upsized its previously announced overnight marketed public offering of common shares from $20 million to $22 million in gross proceeds
- The company will now issue 55,000,000 common shares at a price of C$0.40
- If the over-allotment option is exercised in full, the aggregate gross proceeds of the offering will be $25.3 million
- The offering is expected to close on or about the week of November 1, 2022
- TAG Oil Ltd. is a Canada-based international oil and gas exploration company
- TAG Oil Ltd. opened trading at C$0.455 per share
TAG Oil (TAO) has upsized its overnight marketed public offering of common shares from $20 million to $22 million in gross proceeds.
The company will now issue 55,000,000 common shares at a price of C$0.40.
The company has granted the underwriters an over-allotment option to purchase up to an additional 15 per cent of the common shares sold. In the event the over-allotment option is exercised in full, the aggregate gross proceeds of the offering will be $25.3 million.
Net proceeds will be used to fund the company’s fourth quarter 2022 and 2023 operational and drilling budget at the Abu Roash “F” reservoir in the Badr Oil Field, conduct technical studies and evaluations to pursue other acquisition opportunities in Egypt, place equipment inventory orders for the company’s 2024 drilling campaign, and for working capital.
The company will file an amended and restated preliminary short form prospectus with the securities regulatory authorities in each of the provinces of Canada (other than Québec) amending and restating the preliminary short form prospectus filed on October 11, 2022.
The offering is expected to close on or about the week of November 1, 2022.
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.