TORC Oil & Gas Reports Closure of Bought Deal Financing and Private Placement

- May 20th, 2015

TORC Oil & Gas Ltd. (TSX:TOG) announced that it has closed a bought deal financing and its previously announced private placement for aggregate gross proceeds of $288,052,000 and $149,985,000, respectively.

TORC Oil & Gas Ltd. (TSX:TOG) announced that it has closed a bought deal financing and its previously announced private placement for aggregate gross proceeds of $288,052,000 and $149,985,000, respectively.

As quoted in the press release:

Pursuant to the Bought Deal Financing, TORC issued 28,520,000 subscription receipts at a price of $10.10 per subscription receipt for aggregate gross proceeds of $288,052,000, which includes the exercise in full of the over-allotment option granted to the underwriters. The Bought Deal Financing was conducted by a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd., and including TD Securities Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Cormark Securities Inc., FirstEnergy Capital Corp., GMP Securities L.P., RBC Dominion Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Peters & Co. Limited and Scotia Capital Inc.  It is anticipated that the subscription receipts issued pursuant to the Bought Deal Financing will be listed and posted for trading on the Toronto Stock Exchange (“TSX”) under the symbol TOG.R at the open of markets today.

Pursuant to the Canada Pension Plan Investment Board  Investment (CPPIB), TORC issued 14,850,000 subscription receipts at a price of $10.10 per subscription receipt to CPPIB on a private placement basis for aggregate gross proceeds of $149,985,000.

The Bought Deal Financing and the CPPIB Investment were completed in connection with TORC’s proposed acquisition of light oil and liquids weighted assets in southeast Saskatchewan that was announced on April 27, 2015.  The gross proceeds from the sale of the subscription receipts issued pursuant to the Bought Deal Financing and the CPPIB Investment are being held in escrow pending the satisfaction of all conditions to the completion of the Acquisition, which is expected to close on June 15, 2015.

Click here to read the full TORC Oil & Gas Ltd. (TSX:TOG) press release.

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