Topaz Energy Completed $230.5 Million Initial Public Offering


CALGARY, AB -Topaz Energy Corp. has announced that it has completed its previously announced initial public offering consisting of a treasury offering by the Company and a secondary offering by its majority shareholder Tourmaline Oil Corp. (“Tourmaline” or the “Selling Shareholder”) of an aggregate of 17,731,000 common shares (“Common Shares”) at a price of $13.00 per Common Share (the “Offering Price”) for gross proceeds to the Company and the Selling Shareholder of approximately $217.5 million and $13.0 million, respectively (the “Offering”).

The Offering was made through a syndicate of underwriters co-led by Peters & Co. Limited and Scotiabank (the “Co-Bookrunners”) and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., TD Securities Inc., Desjardins Securities Inc., Stifel Nicolaus Canada Inc., ATB Capital Markets Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Raymond James Ltd., and Tudor, Pickering, Holt & Co. Securities – Canada, ULC (collectively, with the Co-Bookrunners, the “Underwriters”).

The Company has granted to the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 2,509,650 Common Shares at the Offering Price.

Upon closing of the Offering, Tourmaline holds 52.9% of the common shares of Topaz.  Tourmaline’s ownership level in Topaz would be reduced to 51.7% if the over-allotment option is exercised in full. 

The Common Shares trade on the Toronto Stock Exchange under the symbol “TPZ”.

No securities regulatory authority has either approved or disapproved the contents of this news release.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, these securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States.

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