/NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAW./
TSX: TVE
CALGARY,
AB, Sept. 22, 2022 /CNW/ - Tamarack Valley
Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE)
announces that it has successfully closed the previously announced
private placement offering (the "Private Placement") of
$100 million aggregate principal
amount of 7.25% senior unsecured sustainability-linked notes due
May 10, 2027 (the "Notes").
The Company intends to use the net proceeds of the Private
Placement to fund a portion of the purchase price for Tamarack's
previously announced acquisition of Deltastream Energy Corporation
(the "Acquisition").
The Notes were issued at $940 per
$1,000 principal amount thereof (plus
accrued interest from and including May 10,
2022 to but excluding the date hereof) under the trust
indenture pursuant to which Tamarack previously issued $200 million aggregate principal amount of 7.25%
senior unsecured sustainability-linked notes due May 10, 2027, as supplemented by a supplemental
indenture dated as of the date hereof, and form a single series
with such previously issued notes.
The Notes are being issued in accordance with Tamarack's
Sustainability-Linked Bond Framework (the "SLB
Framework"), which sets out certain sustainability
performance targets ("SPTs") that are aligned with
Tamarack's overall corporate sustainability strategy, including: i)
Scope 1 and 2 emissions intensity reductions of 39% by 2025 over
the 2020 baseline, and; ii) Indigenous workforce participation of
6% or greater by 2025. Details of the SLB Framework are available
on the Company's website. Failure to meet the SPTs will result in a
step-up in the interest rate payable of 75 basis points for the
emissions reduction SPT and 25 basis points for the Indigenous
workforce participation SPT from and including May 10, 2026.
RBC Capital Markets and National Bank Financial Markets acted as
Joint-Bookrunners and Sustainability-Linked Bond Structuring
Advisors for the Private Placement. S&P Global Markets has
previously provided a second party opinion of the SLB Framework,
confirming alignment with the International Capital Market
Association's Sustainability-Linked Bond Principles.
The Private Placement was not conditional upon completion of the
Acquisition. In the event the Acquisition is not completed,
Tamarack may use the net proceeds of the Private Placement to
reduce indebtedness, fund future acquisitions and for general
corporate purposes. Prior to the closing of the Acquisition, the
net proceeds may, from time to time, be invested in interest
bearing deposits or in short-term interest bearing or discount debt
obligations or other short-term investments (in each case, either
Canadian or U.S. dollars).
This press release is not an offer of the securities for sale
in the United States. The
securities offered have not been, and will not be, registered under
the U.S. Securities Act or any U.S. state securities laws and may
not be offered or sold in the United States absent
registration or an available exemption from the registration
requirement of the U.S. Securities Act and applicable U.S. state
securities laws. No public offering of securities is being made
in the United States. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Tamarack Valley Energy
Ltd.
Tamarack is an oil and gas exploration and production company
committed to creating long-term value for its shareholders through
sustainable free funds flow generation, financial stability and the
return of capital. The Company has an extensive inventory of
low-risk, oil development drilling locations focused primarily on
Charlie Lake, Clearwater and EOR plays in Alberta. Operating as a responsible corporate
citizen is a key focus to ensure we deliver on our environmental,
social and governance (ESG) commitments and goals. For more
information, please visit the Company's website at
www.tamarackvalley.ca.
Forward Looking
Information
This press release contains certain forward-looking information
(collectively referred to herein as "forward-looking statements")
within the meaning of applicable Canadian securities laws.
Forward-looking statements are often, but not always, identified by
the use of words such as "guidance", "outlook", "anticipate",
"target", "plan", "continue", "intend", "consider", "estimate",
"expect", "may", "will", "should", "could" or similar words
suggesting future outcomes. More particularly, this press release
contains statements concerning the anticipated use of proceeds of
the Private Placement.
Forward-looking statements are based on a number of material
factors, expectations or assumptions of Tamarack which have been
used to develop such statements and information but which may prove
to be incorrect. Although Tamarack believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward-looking
statements because Tamarack can give no assurance that such
expectations will prove to be correct.
The forward-looking statements contained in this press release
are made as of the date hereof and the Company does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
www.tamarackvalley.ca
SOURCE Tamarack Valley Energy