10:29 AM EST, 11/26/2024 (MT Newswires) -- Tourmaline Oil Corp. ( TRMLF ) and Topaz Energy Corp. ( TPZEF ) agreed Tuesday with a syndicate of underwriters to increase the size of the previously announced bought deal secondary offering of Topaz common shares.

A statement noted the underwriters will now purchase, on a bought deal basis, from Tourmaline 10.8 million common shares of the company at a price of $27.80 per common share for total gross proceeds to the selling shareholder of approximately $300 million.

The underwriters will have an option to purchase up to an additional 15% of the common shares issued at the offering price to cover over-allotments and for market stabilization purposes exercisable in whole or in part at any time until 30 days after the closing. The company will not receive any of the proceeds of the offering.

Tuesday's statement noted the selling shareholder currently holds 45,149,494 common shares of Topaz, representing approximately 29.4% of the issued and outstanding common shares. Following the closing of the offering, the selling shareholder will hold 34,349,494 common shares, representing approximately 22.4% of the issued and outstanding common shares of Topaz (21.3% if the over-allotment option is exercised in full).

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