CALGARY, AB – Tamarack Valley Energy Ltd. (“Tamarack” or the “Company“) (TSX: TVE) is pleased to announce the closing of the previously announced bought-deal financing (the “Financing“) of 33,334,000 common shares of Tamarack (“Common Shares“) at a price of $3.75 per Common Share for gross proceeds of approximately $125 million. In addition, the overallotment option was exercised in full by the underwriting syndicate adding 5,000,100 Common Shares and additional gross proceeds of approximately $19 million, for total gross proceeds of approximately $144 million.
The net proceeds from the Financing will be used to partially fund the acquisition of Deltastream Energy Corporation (the “Acquisition“). The Financing was underwritten by a syndicate led by RBC Dominion Securities Inc. and National Bank Financial Inc.