TimberRock closes $39M financing led by Azimuth Capital

TimberRock Energy Corp., a private oil and gas company focused in West Central Alberta, has raised $39 million through a share issue at $0.45 per share led by private equity firm Azimuth Capital Management.

Tudor, Pickering, Holt & Co. Asset Management, an energy-focused asset manager, also participated in the financing.

TimberRock will use the proceeds of this financing to continue developing its successful Glauconite drilling program at Garrington, Alberta, where it has 45 sections of land tied up under farm-in agreements.

In November 2012, TimberRock Energy acquired All Points Energy Ltd. As part of transaction, Azimuth Capital, formerly known as KERN Partners, the majority shareholder of All Points, invested into TimberRock.

photo credit: pixabay

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.