By Sheri Kasprzak
New York, Sept. 1 - TAG Oil Ltd. has arranged a private placement for C$12 million.
The company intends to sell 9,230,800 shares at C$1.30 each.
Placement agent Canaccord Capital Corp. has an over-allotment option for up to 2,307,700 additional shares.
Separately, TAG will raise another C$3 million in a non-brokered private placement.
The non-brokered deal includes up to 2,307,700 shares at C$1.30 each.
The proceeds from both deals will be used for drilling, exploration and seismic surveys in New Zealand. The remainder will be used for working capital.
TAG, based in Calgary, Alta., is an oil and natural gas exploration company.
Brokered offering
| Issuer: | TAG Oil Ltd.
|
| Issue: | Stock
|
| Amount: | C$12 million
|
| Shares: | 9,230,800
|
| Greenshoe: | 2,307,700
|
| Price: | C$1.30
|
| Warrants: | No
|
| Placement agent: | Canaccord Capital Corp.
|
| Pricing date: | Sept. 1
|
| Stock price: | C$1.55 at close Aug. 31
|
|
|
| Non-brokered offering
|
| Issuer: | TAG Oil Ltd.
|
| Issue: | Stock
|
| Amount: | C$3 million
|
| Shares: | 2,307,700
|
| Price: | C$1.30
|
| Warrants: | No
|
| Pricing date: | Sept. 1
|
| Stock price: | C$1.55 at close Aug. 31
|
|
|
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