TAG Oil Ltd. ("TAG Oil" or the "Company") announces an update to the recently closed public offering of 40,093,900 units of TAG Oil ("Units"), with each Unit consisting of one common share of the Company ("Common Share") and one Common Share purchase warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.25 at any time up to 24 months following the closing (the "Offering").
Pursuant to the terms of the agency agreement dated effective October 17, 2024, Research Capital Corporation (the "Lead Agent"), as the Lead Agent and sole bookrunner, on behalf of a syndicate of agents including Beacon Securities Limited, Canaccord Genuity Corp., Haywood Securities Inc., Ventum Financial Corp., and Tennyson Securities (collectively with the Lead Agent, the "Agents") received: (a) an aggregate cash commission of $375,501.78, which is equal to 6.0% of the aggregate gross proceeds of the Offering, including proceeds on subscriptions from certain subscribers on a president's list (the "President's List"), for which the Agents received cash commission equal to 3.0% of the aggregate gross proceeds raised from the President's List; and (b) 2,208,834 broker warrants (the "Broker Warrants"), which is equal to 6.0% of the aggregate number of Units sold under the Offering, including Units sold to the President's List, for which the Agents received such number of Broker Warrants equal to 3.0% of the number of Units sold to subscribers on the President's List. Each Broker Warrant is exercisable to acquire one Common Share at a price of $0.17 for a period of 24 months from the closing date.
