/NOT FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Sept. 22,
2023 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX:
TAOIF) ("TAG Oil" or the "Company") is pleased
to announce that following the closing of its previously announced
bought-deal public offering (the "Offering"), the further
partial exercise of the over-allotment option to purchase an
additional 886,000 common shares of the Company (the "Common
Shares") at a price of $0.58 per Common Share has
been completed for additional gross proceeds to the Company
of $513,880. After giving effect to the partial exercise of
the over-allotment option, a total of 21,126,542 Common Shares have
been issued pursuant to the Offering for aggregate gross proceeds
to the Company of $12,253,394. The
Offering was completed pursuant to an underwriting agreement dated
effective July 31, 2023, entered into among the Company and a
syndicate of underwriters led by Research Capital Corporation as
the lead underwriter and sole bookrunner, on behalf of a syndicate
of underwriters, including Echelon Wealth Partners Inc., Canaccord
Genuity Corp. and Haywood Securities Inc.
The net proceeds of the Offering will be used to accelerate the
drilling program of the Abu Roash "F" reservoir in the Badr Oil
Field, located in the Western Desert of Egypt (TAG Oil commenced drilling the first
horizontal well, BED4-T100, in August
2023), to pursue potential strategic acquisition
opportunities in Egypt and the broader Middle East and North Africa region, and for general
working capital purposes.
The Company filed a final short form prospectus (the
"Prospectus") in all provinces of Canada, except Québec, pursuant to National
Instrument 44-101 – Short Form Prospectus Distributions to
qualify for distribution the Common Shares offered pursuant to the
Offering. Copies of the Prospectus and documents incorporated by
reference therein are available electronically on SEDAR+
(www.sedarplus.ca).
This press release is not an offer to sell or the solicitation
of an offer to buy the securities in the
United States or in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification or
registration under the securities laws of such jurisdiction. The
securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and such securities may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons absent registration or an
applicable exemption from U.S. registration requirements and
applicable U.S. state securities laws.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based
international oil and gas exploration company with a focus on
operations and opportunities in the Middle East and North Africa.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This news release includes certain statements and information
that constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts are
forward-looking statements. Such forward-looking statements and
forward-looking information specifically include, but are not
limited to, statements that relate to the use of proceeds of the
Offering.
Statements contained in this release that are not historical
facts are forward-looking statements that involve various risks and
uncertainty affecting the business of TAG Oil. Such statements can
generally, but not always, be identified by words such as
"expects", "plans", "anticipates", "intends", "estimates",
"forecasts", "schedules", "prepares", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. All statements that describe the
Company's plans relating to operations and potential strategic
opportunities are forward-looking statements under applicable
securities laws. These statements address future events and
conditions and are reliant on assumptions made by the Company's
management, and so involve inherent risks and uncertainties, as
disclosed in the Company's periodic filings with Canadian
securities regulators. As a result of these risks and
uncertainties, and the assumptions underlying the forward-looking
information, actual results could materially differ from those
currently projected, and there is no representation by TAG Oil that
the actual results realized in the future will be the same in whole
or in part as those presented herein. TAG Oil disclaims any intent
or obligation to update forward-looking statements or information
except as required by law. Readers are referred to the additional
information regarding TAG Oil's business contained in TAG Oil's
reports filed with the securities regulatory authorities in
Canada. Although the Company has
attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors
that could cause actions, events or results not to be as
anticipated, estimated or intended. For more information on TAG Oil
and the risks and challenges of its business, investors should
review TAG Oil's filings that are available at
www.sedarplus.ca.
TAG Oil provides no assurance that forward-looking statements
and information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements or information. Accordingly, readers should not
place undue reliance on forward-looking statements or
information.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current reserve base will
depend on its ability to develop its current properties and on its
ability to discover and acquire properties or prospects that are
capable of commercial production. However, there is no assurance
that the Company's future exploration and development efforts will
result in the discovery or development of additional commercial
accumulations of oil and natural gas.
SOURCE TAG Oil Ltd.