/NOT FOR DISSEMINATION IN THE UNITED STATES/
The final short form prospectus is accessible
on SEDAR+
VANCOUVER, BC, Nov. 12,
2024 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX:
TAOIF) (FSE: T0P) ("TAG Oil" or the "Company")
announces that, further to its news releases dated October 21, and October
23, 2024, it has filed and obtained a receipt for a final
short form prospectus dated November 12,
2024 (the "Final Prospectus") with the securities
commissions in each of the provinces of Canada,
except Quebec, pursuant to its $10
million public offering of units of the Company (the
"Units") at a price of $0.17
per Unit (the "Offering").
Certain members of management and directors of the Company are
personally intending to participate alongside investors in the
Offering for $1.4 million, of which
Abby Badwi, Executive Chairman,
intends to subscribe for a sizable amount.
The Offering is being led by Research Capital Corporation, as
lead agent and sole bookrunner, on behalf of a syndicate of agents,
including Beacon Securities Limited, Canaccord Genuity Corp.,
Haywood Securities Inc., Ventum Financial Corp. and Tennyson
Securities (collectively, the "Agents").
Each Unit will consist of one common share of the Company
("Common Share") and one Common Share purchase warrant (a
"Warrant"). Each Warrant entitles the holder thereof to
purchase one Common Share (a "Warrant Share") at an exercise
price equal to $0.25 per Warrant Share at any time up to
24 months following the closing of the Offering.
The Company intends to use the net proceeds of the Offering to
advance appraisal and development activities in the Western Desert,
Egypt, at both the Badr Oil Field
and strategic new 512,000-acre concession (the "Strategic
Acquisition") and for working capital and general corporate
purposes. Activities to be advanced with the proceeds include
executing re-entry work on multiple existing wells to recomplete
and/or drill a sidetrack into existing conventional oil reservoirs,
the drilling of new vertical delineation wells in the
unconventional Abu Roash "F" (ARF)
resource play targeting high intensity natural fractured
areas, and the planning of the next horizontal well with
multi-stage frac.
In addition, the Company plans to also complete a third-party
resource report on the Strategic Acquisition that is in the
process of being acquired. The agreement contemplates standard
farm-in terms and is subject to certain conditions and other
regulatory approvals, including approval of the TSX Venture
Exchange, if required.
TAG Oil continues to investigate potential strategic joint
venture opportunities and partnerships within the Middle East North
Africa region in general and Egypt
in particular.
The Company has granted the Agents an option, exercisable in
whole or in part, at the sole discretion of the Agents, at any
time, from time to time, for a period of 30 days from and
including the closing of the Offering, to purchase from the Company
up to an additional 15% of the Units sold under the Offering,
and/or the components thereof, on the same terms and conditions of
the Offering to cover over-allotments, if any, and for market
stabilization purposes.
The Offering is expected to close on or about November
19, 2024, or such other date as the Company and the Agents may
agree. Closing of the Offering is subject to customary closing
conditions, including, but not limited to, the receipt of all
necessary regulatory approvals, including the approval of the
securities regulatory authorities and the TSX Venture Exchange.
The Final Prospectus is accessible on SEDAR+ at
www.sedarplus.ca. An electronic or paper copy of the final
prospectus and any amendment may be obtained, without charge, from
Research Capital Corporation at ecm@researchcapital.com by
providing the contact with an email address or address, as
applicable. The Units are being offered in each of the provinces of
Canada (except Québec) and may be
offered in the United States on a
private placement basis pursuant to an appropriate exemption from
the registration requirements under applicable U.S. law, and
outside of Canada and the United States on a private placement or
equivalent basis. Prospective investors should read the Final
Prospectus and other documents the Company has filed before making
an investment decision.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based
international oil and gas exploration company with a focus on
operations and opportunities in the Middle East and North Africa.
Website: http://www.tagoil.com/
LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
X: https://twitter.com/tagoilltd
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This news release includes certain statements and information
that constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts are
forward-looking statements. Such forward-looking statements and
forward-looking information specifically include, but are not
limited to, statements that relate to the completion of the
Offering and the timing in respect thereof, participation by
management of the Company in the Offering, the use of proceeds of
the Offering, timely receipt of all necessary approvals, including
the approval of the Exchange, the proposed completion of a third
party resource report, and TAG's continued investigation into
potential strategic joint venture opportunities and partnerships
within the Middle East North Africa region in general and
Egypt in particular.
Statements contained in this release that are not historical
facts are forward-looking statements that involve various risks and
uncertainty affecting the business of TAG Oil. Such statements can
generally, but not always, be identified by words such as
"expects", "plans", "anticipates", "intends", "estimates",
"forecasts", "schedules", "prepares", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. All statements that describe the
Company's plans relating to operations and potential strategic
opportunities are forward-looking statements under applicable
securities laws. These statements address future events and
conditions and are reliant on assumptions made by the Company's
management, and so involve inherent risks and uncertainties, as
disclosed in the Company's periodic filings with Canadian
securities regulators. As a result of these risks and
uncertainties, and the assumptions underlying the forward-looking
information, actual results could materially differ from those
currently projected, and there is no representation by TAG Oil that
the actual results realized in the future will be the same in whole
or in part as those presented herein. TAG Oil disclaims any intent
or obligation to update forward-looking statements or information
except as required by law. Readers are referred to the additional
information regarding TAG Oil's business contained in TAG Oil's
reports filed with the securities regulatory authorities in
Canada. Although the Company has
attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors
that could cause actions, events or results not to be as
anticipated, estimated or intended. For more information on TAG Oil
and the risks and challenges of its business, investors should
review TAG Oil's filings that are available at
www.sedarplus.ca.
TAG Oil provides no assurance that forward-looking statements
and information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements or information. Accordingly, readers should not
place undue reliance on forward-looking statements or
information.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current reserve base will
depend on its ability to develop its current properties and on its
ability to discover and acquire properties or prospects that are
capable of commercial production. However, there is no assurance
that the Company's future exploration and development efforts will
result in the discovery or development of additional commercial
accumulations of oil and natural gas.
SOURCE TAG Oil Ltd.