By Sheri Kasprzak
New York, June 12 - TAG Oil Ltd. raised C$30 million from a private placement.
The company sold 40 million shares at C$0.75 each.
Canaccord Capital Corp. was the placement agent.
Proceeds will be used for the acquisition of Cheal Petroleum Ltd., PEP 38757 Ltd. and PEP 38758 Ltd. The rest will be used for exploration and drilling in New Zealand and for working capital.
Calgary, Alta.-based TAG is an oil and natural gas exploration company.
| Issuer: | TAG Oil Ltd.
|
| Issue: | Stock
|
| Amount: | C$30 million
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| Shares: | 40 million
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| Price: | C$0.75
|
| Warrants: | No
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| Placement agent: | Canaccord Capital Corp.
|
| Settlement date: | June 12
|
| Stock symbol: | TSX Venture: TAO
|
| Stock price: | C$0.90 at close June 9
|
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