TAG Oil Ltd. will list an additional 4.17 million shares on the Toronto Stock Exchange at the open on Tuesday, May 15, 2012, according to the TSX. As in a May 7, 2012, short form prospectus, TAG Oil plans to sell 4.17 million shares to the public at $10.45 each, raising $43,576,500. It has granted the underwriters an overallotment option to buy up to 615,000 more shares at the same price for 30 days from the closing of the offering. The company plans to use the majority of the money raised to identify and pursue new business opportunities, including land acquisitions in the Taranaki basin. It will use the remainder for drilling at its Cheal, Sidewinder and Kaheru permits, and for general working capital purposes.
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