Topaz ready to go......should be interesting!Topaz Energy Corp. Prices Initial Public Offering October 19, 2020 Topaz Energy Corp. ("Topaz" or the "Company"), a unique royalty and energy infrastructure company, is pleased to announce that it has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces of Canada and has entered into an underwriting agreement in respect of its initial public offering consisting of a treasury offering by the Company and a secondary offering by its majority shareholder Tourmaline Oil Corp. (the "Selling Shareholder") of an aggregate of 17,731,000 common shares ("Common Shares") at a price of $13.00 per Common Share (the "Offering Price")
for gross proceeds to the Company and the Selling Shareholder of approximately $217.5 million and $13.0 million, respectively (the "Offering").
Topaz will file a supplemented PREP prospectus dated October 19, 2020 with the securities regulatory authorities in each of the provinces of Canada for the Offering. A copy of the Prospectus will be available on SEDAR at www.sedar.com today. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Common Shares subject to fulfilling the customary listing requirements. The Common Shares are expected to begin trading on the TSX on an "if, as and when issued basis" on October 20, 2020 under the symbol "TPZ".
The Offering is being made through a syndicate of underwriters co-led by Peters & Co. Limited and Scotiabank (the "Co-Bookrunners") and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., TD Securities Inc., Desjardins Securities Inc., Stifel Nicolaus Canada Inc., ATB Capital Markets Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Raymond James Ltd., and Tudor, Pickering, Holt & Co. Securities – Canada, ULC (collectively, with the Co-Bookrunners, the "Underwriters").
The Company has granted to the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 2,509,650 Common Shares at the Offering Price. The Offering is expected to close on October 26, 2020. Completion of the Offering is subject to customary closing conditions and the receipt of customary approvals, including regulatory approvals.
Good luck to all