financing $2.55 NR
TriOil Announces $25 Million Bought Deal Equity Financing
Press Release: TriOil Resources Ltd. –
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
CALGARY , Sept. 18, 2012 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company" - TSXV: TOL) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and GMP Securities L.P. and including Dundee Securities Ltd., TD Securities Inc., AltaCorp Capital Inc., Haywood Securities Inc., Cormark Securities Inc., Raymond James Ltd., and Desjardins Securities Inc. (collectively the "Underwriters"), which have agreed to purchase, on a bought deal basis, 9,804,000 common shares of TriOil (the "Common Shares") at a price of $2.55 per Common Share, for aggregate gross proceeds of $25,000,200 (the "Offering").
In addition, the Underwriters have been granted an option (the "Over-Allotment Option") to purchase up to an additional 1,470,600 Common Shares to cover over-allotments, if any, at a price of $2.55 per Common Share for gross proceeds of $3,750,030 . If the Over-Allotment Option is fully exercised, gross proceeds from the Offering will be $28,750,230 . The Over-Allotment Option is exercisable in whole or in part for a period of 30 days following closing of the Offering.
TriOil will use the net proceeds from the Offering to expand and accelerate its capital program focused on the Company's Cardium light oil drilling program at Lochend and the emerging Dunvegan light oil resource play at Kaybob, as well as for general corporate purposes.
Closing of the Offering is expected to occur on or about October 4, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
TriOil is a Calgary , Alberta based company engaged in the exploration, development and production of petroleum and natural gas. TriOil has approximately 53.2 million common shares issued and outstanding (59.4 million fully diluted). The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.