Tourmaline and Topaz Announce $287.5 Million Bought Deal Secondary Offering

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3▲0 ▼0Impact / 5
Summary · why it matters

Tourmaline Oil Corp. and Topaz Energy Corp. announced a bought deal secondary offering in which underwriters led by Peters & Co. Limited and Scotiabank will purchase 10,000,000 Topaz common shares from Tourmaline at $28.75 per share, for total gross proceeds to the selling shareholder of approximately $287.5 million. The underwriters hold an option to purchase up to an additional 15% of the shares sold under the offering to cover over-allotments, exercisable until 30 days after closing. Tourmaline currently holds 19,931,097 Topaz common shares, or approximately 12.9% of the issued and outstanding shares, and will hold 9,931,097 shares, or approximately 6.4%, after closing, or 5.4% if the over-allotment option is exercised in full. Topaz will not receive any proceeds from the offering, which is expected to close on or about October 8, 2026. Tourmaline said it intends to use the net proceeds to repurchase its own common shares under its normal course issuer bid, and its board approved an increase in the quarterly base dividend effective in Q4 2026 from $0.50 per share to $0.525 per share, a 5% increase representing $2.10 per share on an annualized basis.

Impact on assets 2

Energy Transition & Power Demand▲ · 1 stocks
Financials▲ · 1 stocks

Off-coverage companies 3

Topaz Energy Corp.Private▼ Negative
Capitalrelevance

Tourmaline is selling 10M Topaz shares (about half its stake) in a secondary offering; Topaz receives no proceeds, and the overhang/ownership reduction is a negative capital event for Topaz.

Tourmaline Oil Corp.Private▲ Positive
Capitalrelevance

Tourmaline sells 10M Topaz shares for ~$287.5M and will use proceeds to repurchase its own shares and raise its quarterly dividend 5% to $0.525.

Peters & Co. LimitedPrivate± Mixed
relevance

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