03:49 PM EDT, 10/23/2024 (MT Newswires) -- TAG Oil ( TAOIF ) on Wednesday priced its previously announced $10-million marketed public offering of units at $0.17 each.

Each unit will include a share and a two-year warrant to buy a second share for $0.25.

Some management members and directors plan to invest alongside other investors in this offering. Research Capital is acting as the offering's lead agent and sole book-runner. The agents have a 30-day option to buy up to an additional 15% of the units sold in the offering.

Proceeds will be used to support appraisal and development activities in the Western Desert of Egypt, as well as for working capital and general corporate needs, the company said.

The offering is set to close on or about the week of Nov. 13.

TAG shares were last seen down $0.005 to $0.18 on the TSX Venture Exchange

Price: 0.18, Change: -0.01, Percent Change: -2.78