Tourmaline Oil Agrees to Sell Topaz Stake for Share Buybacks
Tourmaline Oil has agreed to sell a C$287.5 million stake in its subsidiary, Topaz Energy, as part of a strategy to fund share buybacks and return value to shareholders. The company will sell 10 million shares at C$28.75 per share through a bought deal arrangement. The underwriters involved have an option to purchase up to 15% more shares if needed. This move is expected to provide immediate liquidity for Tourmaline Oil, which can be used to repurchase its own stock and potentially boost investor confidence.
Topics: capital raise equity offering share sale