CALGARY, June 20, 2017 /CNW/ – Tourmaline Oil Corp. (TSX – TOU) (“Tourmaline“) is pleased to announce that its President and Chief Executive Officer, Michael Rose, is donating a total of $26 million to multiple ongoing charitable initiatives supporting youth education, health, and sports and include:
- major donation to the new Innovation Commons in the Engineering Faculty at Queen’s University, and ongoing funding of the new Masters Program in Earth and Energy Resources Leadership at Queen’s University;
- lead donation for the ongoing Strathcona-Tweedsmuir major school expansion project;
- additional funding for the new Hotchkiss Brain Institute REEF initiative and the related Tourmaline Chair for Parkinson’s Research at the University of Calgary;
- sole donation for the Baseball Fieldhouse at the University of British Columbia and a major donation for the new UBC Thunderbirds Baseball stadium project;
- sole donation for the post-flood rebuilding of the Stanley Park Little League baseball stadium in Calgary; and
- major donation for the Community Hubs and All In for Youth United Way programs in Calgary.
The construction of the funded projects at Strathcona-Tweedsmuir School, Queen’s University, University of British Columbia and the University of Calgary is well underway and expected to be largely completed in 2017. These charitable projects supported by Mr. Rose and spouse, Susan Riddell Rose, will be personally funded by Mr. Rose from the sale or donation of approximately 7.5% of his current total shareholdings of over 13 million shares. Once these trades are settled, Mr. Rose will own approximately 12.1 million common shares, representing approximately 4.5% of Tourmaline’s total outstanding shares on a non-diluted basis. Tourmaline was advised by Mr. Rose that his decision to sell a portion of his common shares in Tourmaline was made for the purposes of funding these various charitable initiatives and that he is not planning any further Tourmaline stock sales at this time.
About Tourmaline Oil Corp.
Tourmaline is a Canadian senior 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.
SOURCE Tourmaline Oil Corp.