TPZ
TSX · Royalty and midstream, Tourmaline-linked · 6 desk pieces in archive
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Tourmaline and Topaz said this morning the bought-deal secondary closed. Tourmaline sold 11.5 million Topaz shares, including the full 1.5 million greenshoe, at $28.75. Gross proceeds are about $330.6 million to Tourmaline. Topaz receives none of that cash.
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.
On September 8 Tourmaline filed an early warning report disclosing it disposed of 3.6 million Topaz shares as consideration for two minor BC Montney and Deep Basin acquisitions. Tourmaline now holds 19.9 million Topaz shares, or about 12.87 percent of the outstanding float.
Rubellite closed September 8 an East Edson sale for 2.083 million Topaz shares at a deemed $32.16 price. Tourmaline filed the same day it sold 3.6 million Topaz shares for Montney acquisitions, cutting its stake to 12.87 percent from 15.19 percent.
On September 8 Rubellite sold its 50 percent East Edson interest for $67 million in Topaz Energy shares at a deemed price of $32.1588. Topaz will pay Rubellite the September quarterly dividend of $0.35 per share on the 2.083 million shares received.
On July 27 Topaz said it closed a June 30 tuck-in across 0.3 million gross acres in the NEBC Montney and Deep Basin for $38.7 million. Second-quarter royalty volumes were 24,233 boe/d. Annual guidance moved to 23,900 to 24,300 boe/d. Exit net debt is now $435 million to $440 million.