Vancouver (pcJ News Briefs) – TAG Oil Ltd. (TSX: TAO; OTCQX: TAOIF) has closed previously announced short form prospectus offering of 23,070,000 units at CDN $0.65 per unit for gross proceeds of CDN $14,995,500.
The offering was made through a syndicate of agents co-led by Mackie Research Capital Corporation and Pareto Securities Ltd.
Blake, Cassels & Graydon LLP and Burnet, Duckworth & Palmer LLP acted as legal counsels to TAG Oil and the agents respectively.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of CDN $0.90 for 24 months following the closing date.
TAG Oil intends to use net proceeds for general corporate purposes, which will include appraisal and development activities.
TAG Oil Ltd. is a development-stage international oil and gas producer with established high netback production, development and exploration assets, including production infrastructure in New Zealand and Australia.
photo credit: TAG Oil