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CALGARY, March 15, 2012 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company") (TSXV: TOL) is pleased to announce that it has closed its previously announced offering (the "Offering") of 10,000,000 class A common shares of TriOil (the "Shares") at a price of $3.55 per Share, which includes the 1,056,450 Shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters, for aggregate gross proceeds of $35,500,000 through a syndicate of underwriters led by GMP Securities L.P., and including, Canaccord Genuity Corp., Dundee Securities Ltd., Haywood Securities Inc. and AltaCorp Capital Inc.
The net proceeds of the Offering will be used to fund the Company's capital expenditure program, which is expected to include the expansion and acceleration of the Company's Cardium light oil drilling program at Lochend, Alberta and the emerging Dunvegan light oil resource play at Kaybob, Alberta, and for general corporate purposes.
TriOil Resources Ltd. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. TriOil has approximately 53.2 million Shares issued and outstanding (58.3 million fully diluted). The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.