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Tourmaline Oil: Eyes best day ever on formation of royalty and infra company

October 11, 201910:56 AM Reuters0 Comments

** Shares of Canada-based oil and gas producer rise 11.9% to C$11.99; company top percentage gainer on the Toronto Stock Exchange's S&P/TSX composite index

** TOU forms a private royalty and infrastructure company, Topaz Energy Corp

** It will sell its royalty and infrastructure assets for C$775 mln to Topaz

** Topaz will be capitalized with a C$150-C$200 mln 3rd-party private equity placement and with TOU owning 75%-81% of the company

** We view this as a positive and creative transaction that looks to unlock value in some of TOU's assets while providing an alternative form of financing in the near-term – Industrial Alliance Securities

** Brokerage says the deal has the potential for a longer term monetization of the value trapped in TOU's substantial and undervalued asset base

** Stock down 29.4% YTD

(Reporting by Shanti S Nair in Bengaluru)

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