Torquay Oil Corp.
TSX VENTURE : TOC.A
TSX VENTURE : TOC.B

November 09, 2010 07:56 ET

Torquay Announces $15 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Torquay Oil Corp. (TSX VENTURE:TOC.A)(TSX VENTURE:TOC.B) ("Torquay" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and Canaccord Genuity Corp. and including Acumen Capital Finance Partners Limited, to issue, on a bought deal basis, 11,539,000 Class "A" Shares ("Class "A" Shares") of the Company at a price of $1.30 per Class "A" Share for aggregate gross proceeds of approximately $15 million (the "Offering").

The Class "A" Shares will be offered in certain provinces of Canada by way of a short form prospectus and in the United States on a private placement basis pursuant to exemptions from the registration requirements under Rule 144A and/or Regulation D of the United States Securities Act of 1933. Closing is expected to occur on or about November 30, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. Proceeds of the Offering will be used to fund the Company's ongoing capital program and for general corporate purposes.

Torquay is a uniquely positioned, oil focused, junior exploration company formed to generate and develop its own prospects, acquire oil weighted properties and participate with joint venture partners in oil exploration and development in the Western Canadian Sedimentary Basin. The Company's Class A Shares and Class B Shares trade on the TSX Venture Exchange under the symbols TOC.A and TOC.B. The Company currently has 23,740,572 Class A Shares and 1,260,000 Class B Shares outstanding.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Torquay Oil Corp.
    Mr. Brent McKercher
    President & Chief Executive Officer
    403 233 2444 ext. 30
    403 262 6991 (FAX)
    brent@torquayoil.com
    or
    Torquay Oil Corp.
    Mr. Darwin Little
    Vice President, Finance & Chief Financial Officer
    403 233 2444 ext. 31
    403 262 6991 (FAX)
    darwin@torquayoil.com