05:18 PM EDT, 10/21/2024 (MT Newswires) -- TAG Oil ( TAOIF ) after trade Monday said it filed a preliminary prospectus with securities commissions in all Canadian provinces except Quebec, as it seeks to raise $10 million in an overnight marketed public offering of share units.

The company said the offering will be priced at $0.21 per unit, with each units made up of a shares and a two-year warrant to buy a second share for $0.30.

The offering is led by Research Capital Corp. as the lead underwriter and sole bookrunner. The underwriters have a 30-day over-allotment option to buy up to an additional 15% of the units sold in the offering.

Proceeds will be used for further appraisal and development activities in Egypt's Western Desert, as well as for working capital and general corporate needs. The offering is set to close on or about the week of Nov. 11, the company said.

The company's shares closed down $0.005 to $0.255 on the TSX Venture Exchange.