TORC closes acquisition of Sask. light oil assets TORC Oil & Gas Ltd. has closed the acquisition of low-decline, high-netback, light-oil-producing assets in southeast Saskatchewan and has made the strategic transition of the company's business model to an intermediate light oil producer paying sustainable dividends while also delivering disciplined per share production growth. The acquired assets are complementary to TORC's current light oil platform in the Cardium trend and the emerging play at Monarch and position TORC for sustainable dividends to shareholders while providing a balanced approach to disciplined growth.
In conjunction with the acquisition, TORC secured a cornerstone equity investment by the Canada Pension Plan Investment Board ("CPPIB") for $170 million through a private placement of subscription receipts (the "CPPIB Investment") and completed a $242 million bought deal prospectus offering of subscription receipts.A All subscription receipts issued pursuant to the CPPIB Investment and the prospectus offering have been converted to TORC common shares effective as of today's date.
[url=https://www.stockwatch.com/News/Item.aspx?bid=Z-C:TOG-2104305&symbol=TOG®ion=C]Read More[/url]