12:09 PM EST, 12/06/2024 (MT Newswires) -- TAG Oil ( TAOIF ) on Friday said it closed a public offering of share units that raised $6.8 million.

The units were priced at $0.17 and made up of a share and a two-year warrant to buy a second share for $0.25.

The company intends to use proceeds to speed up appraisal and development activities in the Western Desert, Egypt, at the Badr Oil Field, and a new 512,000-acre concession, and for working capital and general corporate purposes.

The oil and gas exploration company plans to complete a third-party resource report on the strategic acquisition of the large acreage position in Egypt it is in the process of acquiring.

Shares of TAG Oil ( TAOIF ) last seen down $0.005 to $0.16 on the TSX Venture Exchange.

Price: 0.16, Change: -0.01, Percent Change: -3.03