11:48 AM EST, 02/20/2025 (MT Newswires) -- InPlay Oil ( IPOOF ) , down 9% on last look, on Thursday upsized its bought-deal financing to $28.5 million from $20 million.

The company will now issue, on a bought-deal basis, 18.4-million subscription receipts at $1.55 each. The underwriters may purchase up to an additional 2.76-million subscription receipts at the same price under the over-allotment option.

InPlay said on Wednesday that it is acquiring petroleum and natural gas assets in the Pembina area of Alberta for $309 million. InPlay will fund the transaction with the offering's proceeds and through drawdowns from its $300-million of credit facilities.

The offering is expected to close on Feb. 27.

The company's shares were last seen down $0.16 to $$1.64 on the Toronto Stock Exchange.

Price: 1.65, Change: -0.15, Percent Change: -8.33