CALGARY, ALBERTA–(Marketwired – May 14, 2014) – Tourmaline Oil Corp. (TSX:TOU) (“Tourmaline“) is pleased to announce that it has entered into a private placement flow-through common share financing agreement on a bought deal basis with a syndicate of underwriters led by Peters & Co. Limited and including FirstEnergy Capital Corp., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Capital Markets and TD Securities Inc. Tourmaline will issue 750,000 flow-through common shares at a price of $68.15 per share for total proceeds of approximately $51.1 million. In addition, officers, directors and employees of Tourmaline will participate by purchasing up to 50,000 additional flow-through common shares at a price of $68.15 per share.
Tourmaline will use the proceeds of the financing to incur eligible Canadian Exploration Expenses on its properties. These qualifying expenditures will be renounced to subscribers for the 2014 tax year.
The financing is subject to customary regulatory approvals and is expected to close on or about June 2, 2014.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Tourmaline Oil Corp.
Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.
[expand title=”Advisories & Contact”]Forward-Looking Information
This news release contains forward-looking information that involves known and unknown risks and uncertainties, most of which are beyond Tourmaline’s control, including, without limitation, those listed under “Risk Factors” and “Forward-Looking Statements” in Tourmaline’s Annual Information Form and in its other filings available on SEDAR at www.sedar.com. Forward-looking information in this press release includes, but is not limited to, information concerning the anticipated use of proceeds of the financing, its completion and the timing thereof and receipt of necessary approvals. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, undue reliance should not be placed on this forward-looking information. This forward-looking information is made as of the date of this release and, other than as required by applicable securities laws, Tourmaline does not assume any obligation to update or revise it to reflect new events or circumstances. The forward looking information contained in this release is expressly qualified by this cautionary statement.
Tourmaline Oil Corp.
Michael Rose
Chairman, President and Chief Executive Officer
(403) 266-5992
Tourmaline Oil Corp.
Brian Robinson
Vice President, Finance and Chief Financial Officer
(403) 767-3587
robinson@tourmalineoil.com
Tourmaline Oil Corp.
Scott Kirker
Secretary and General Counsel
(403) 767-3593
kirker@tourmalineoil.com
Tourmaline Oil Corp.
Suite 3700, 250 – 6th Avenue S.W.
Calgary, Alberta T2P 3H7
(403) 266-5992
(403) 266-5952 (FAX)
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