Tourmaline Oil Corp. (TOU.TO) has issued an additional 600,000 common shares at $29.00 per share for gross proceeds of $17.4 million pursuant to the exercise in full of the underwriters' over-allotment option in connection with its recently completed public offering.
In total, Tourmaline raised $134.5 million pursuant to the public offering and the concurrent private placement.
The public offering was underwritten by a syndicate of underwriters led by Peters & Co. Ltd. and included Scotia Capital Inc., FirstEnergy Capital Corp., National Bank Financial Inc., Stifel Nicolaus Canada Inc., CIBC World Markets Inc., TD Securities Inc., and Cormark Securities Inc.
The net proceeds of the financings will be used to temporarily reduce indebtedness, which will then be available to be redrawn and applied to partially fund the previously disclosed expansion of the 2012 capital program from $375 million to $410 million, its 2013 capital expenditure program and for general corporate purposes.
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