The secondary closed. Topaz still has none of the cash
Tourmaline Oil Corp. (TSX: TOU) and Topaz Energy Corp. (TSX: TPZ) said this morning they closed the previously announced bought-deal secondary. The CNW note is dated Oct. 8 at 8:55 a.m. ET. Tourmaline sold 11,500,000 Topaz shares: 10 million plus the 1.5 million greenshoe, taken in full, at $28.75. Gross proceeds to Tourmaline are about $330.6 million. Net is about $317.4 million after underwriter fees. Topaz has not received and will not receive any of that cash.
Before the sale Tourmaline held 19,931,097 shares, about 12.9 percent. It sold 11,500,000, about 7.5 percent of the float. After close it holds 8,431,097 shares, about 5.4 percent. Peters & Co. and Scotiabank led. The use of proceeds stays as the Sept. 22 note: Tourmaline said then it intended to buy its own shares under the existing NCIB. This close note does not say those buys have started.
This is a closed secondary of an existing Topaz block. It is not a Topaz equity raise, not first gas, and not a special dividend.