Financings

TOURMALINE AND TOPAZ ANNOUNCE THE CLOSING OF $230 MILLION BOUGHT DEAL SECONDARY OFFERING OF TOPAZ COMMON SHARES

By The Northwire Desk — AI Analysis Oct 28, 2025 · 08:19 TOU · 62.06 TOURMALINE OIL CORP.

TOU · Price

Tourmaline Oil Corp. sold 9,200,000 Topaz Energy Corp. common shares in a bought‑deal secondary offering at $25.10 per share, generating approximately $230 million in gross proceeds to the selling shareholder (Tourmaline).
The transaction expands Topaz’s free‑trading float and enhances liquidity; Tourmaline will retain its remaining 23,529,494 shares (~15.3% of Topaz) for investment purposes.
Net proceeds of about $221.7 million were received by Tourmaline after underwriting fees; Topaz itself receives no cash from the offering.

Shares sold: 9,200,000 common shares (8,000,000 base + 1,200,000 over‑allotment).
Price per share: $25.10 CAD.
Gross proceeds to Tourmaline: ≈ $230 million CAD.
Net proceeds to Tourmaline after fees: ≈ $221.7 million CAD.
Post‑offering ownership (Tourmaline): 23,529,494 shares (~15.3% of Topaz outstanding).
Pre‑offering ownership (Tourmaline): 32,729,494 shares (~21.3%).
Offering structure: Bought‑deal secondary offering under a short‑form prospectus; over‑allotment option fully exercised.
Lead Underwriters: Peters & Co. Limited and Scotiabank; other participants include BMO Nesbitt Burns, National Bank Financial, ATB Securities, Canaccord Genuity, CIBC World Markets, Jefferies, RBC Dominion Securities, Tudor Pickering Holt & Co. Securities – Canada.
Use of proceeds: As previously disclosed (no cash to Topaz); intended to reduce Tourmaline’s equity position and support Topaz’s liquidity and float expansion objectives.
Regulatory filings: Early Warning Report filed under NI 62‑103; securities offered in Canada (excluding Quebec) and via Rule 144A in the U.S. to qualified institutional buyers.

(No direct CEO/President quotes were included in the release.)

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