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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (20470)	8/16/2016 8:57:34 AM
From: Goose94	Read Replies (1) \| Respond to of 202085

TORC Oil & Gas (TOG-T) Aug 16, '16 is pleased to announce the closing of the previously announced public offering of 12,236,000 common shares (the "Bought Deal Financing") through a syndicate of underwriters led by Macquarie Capital Markets Canada Ltd. for gross proceeds of $86.3 million (including the full exercise of over-allotment option). TORC is also pleased to announce that it has completed a concurrent private placement of 3,546,100 common shares to its cornerstone investor, the Canada Pension Plan Investment Board for proceeds of approximately $25.0 million (together with the Bought Deal Financing, the "Financings"). The aggregate gross proceeds raised under the Financings is approximately $111.3 million. The net proceeds from the Financings will initially be used to reduce indebtedness under the Company's credit facility, which will subsequently be re-drawn to fund the purchase price of the previously announced acquisition of complementary light oil assets in southeast Saskatchewan (the "SE Saskatchewan Acquisition"). The SE Saskatchewan Acquisition is expected to close on September 1, 2016, at which time TORC plans to reiterate previously disclosed guidance of 2016 exit production of greater than 19,400 boepd (88% light oil and liquids) from 18,200 boepd (87% light oil and liquids). SOURCE TORC Oil & Gas Ltd. Brett Herman, President and Chief Executive Officer, TORC Oil & Gas Ltd., Telephone: (403) 930-4120, Facsimile: (403) 930-4159; Jason J. Zabinsky, Vice President, Finance and Chief Financial Officer, TORC Oil & Gas Ltd., Telephone: (403) 930-4120, Facsimile: (403) 930-4159 torcoil.com