CALGARY,
AB, Sept. 27, 2022 /CNW/ - Tamarack Valley
Energy Ltd. ("Tamarack" or the "Company") (TSX: TVE)
is pleased to announce the closing of the previously announced
bought-deal financing (the "Financing") of 33,334,000 common
shares of Tamarack ("Common Shares") at a price of
$3.75 per Common Share for gross
proceeds of approximately $125
million. In addition, the overallotment option was exercised
in full by the underwriting syndicate adding 5,000,100 Common
Shares and additional gross proceeds of approximately $19 million, for total gross proceeds of
approximately $144 million.
The net proceeds from the Financing will be used to partially
fund the acquisition of Deltastream Energy Corporation (the
"Acquisition"). The Financing was underwritten by a
syndicate led by RBC Dominion Securities Inc. and National Bank
Financial Inc.
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.
READER ADVISORIES
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 completion of the Acquisition
and the anticipated use of proceeds of the Financing.
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.
SOURCE Tamarack Valley Energy