Tourmaline Oil Corp Expands Recent Financing

Tourmaline Oil Corp. (TSX:TOU) has increased the size of an earlier announced bought deal private placement flow-through common share offering. The expansion is taking place with a syndicate of underwriters led by Peters & Co. Limited and including FirstEnergy Capital Corp., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Capital Markets and TD Securities Inc. Under the terms of the expanded financing, Tourmaline will now issue 1,000,000 flow-through common shares at a price of $68.15 per share for total proceeds of approximately $68 million. Furthermore, officers, directors and employees of Tourmaline will participate through the purchase of up to 150,000 additional flow-through common shares priced at $68.15 per share.

As quoted in the press release:

Tourmaline will use the proceeds of the financing to incur eligible Canadian Exploration Expenses on its properties. These qualifying expenditures will be renounced to subscribers for the 2014 tax year.

Click here to read the Tourmaline Oil Corp. (TSX:TOU) press release