TAG Oil closes bought-deal offering

We know there’s been more financial news than drilling photos from the field lately, but it’s all in the running of an oil and gas business.

 

TAG Oil has closed its bought-deal offering of common shares (at $10.45 per common share for gross proceeds of $46,345,750).

 

We plan to invest the proceeds to:

– Accelerate exploration and development program in the Cheal, Sidewinder and Kaheru permits in the Taranaki Basin;

– Identify and pursue new business opportunities including future land acquisitions in the Taranaki Basin; 

– Fund general corporate projects.

 

The underwriters, who have agreed to purchase 4,170,000 common shares on a bought deal basis, include: Dundee Securities Ltd. (Bookrunner and Co-Lead Underwriter), Casimir Capital Ltd. (Co-Lead Underwriter), Cormark Securities Inc.GMP Securities L.P.Mackie Research Capital Corporation and M Partners Inc.