CALGARY, AB – Topaz Energy Corp. (TSX: TPZ) (“Topaz” or the “Company“) is pleased to announce that it has agreed with the syndicate of underwriters co-led by Peters & Co. Limited and National Bank Financial Inc. to increase the size of the previously announced bought-deal equity financing (the “Equity Financing“). Topaz will now issue 8,800,000 common shares (the “Common Shares“) at a price of $17.10 per Common Share for gross proceeds of $150.5 million pursuant to the Equity Financing.
The underwriters will have an option to purchase up to an additional 15% of the Common Shares issued under the Equity Financing at a price of $17.10 per Common Share to cover over-allotments exercisable and for market stabilization purposes in whole or in part at any time until 30 days after the closing.
In all other respects, the terms of the Equity Financing and use of proceeds therefrom will remain as previously disclosed in the Company’s October 5, 2021 press release.
The Common Shares issued pursuant to the Equity Financing will be distributed by way of a short form prospectus in all provinces of Canada and may also be placed privately in the United States to Qualified Institutional Buyers (as defined under Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) pursuant to the exemption provided by Rule 144A under the U.S. Securities Act, and may be distributed outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company’s securities under domestic or foreign securities laws. The Common Shares have not been and will not be registered under the U.S. Securities Act, and this news release does not constitute an offer of securities for sale in the United States. The Common Shares may not be offered or sold in the United States absent registration or an exemption from registration.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.