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Tourmaline Is Selling $287.5 Million of Topaz. Topaz Gets None of It

Tourmaline and Topaz said at 4:31 p.m. ET Tuesday that underwriters will buy 10 million Topaz shares from Tourmaline at $28.75. Gross proceeds are about $287.5 million to Tourmaline. Topaz receives none of that cash. Close is still on or about October 8.