Company Announcements

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CALGARY, AB , Oct. 22, 2024 /CNW/ - Topaz Energy Corp. (TSX: TPZ) ("Topaz" or the "Company") is pleased to announce that it has completed its previously announced bought-deal equity financing (the "Equity Financing") of common shares ("Common Shares").

Pursuant to the Equity Financing, Topaz issued 7,000,000 Common Shares, in addition to 1,050,000 Common Shares issued pursuant to the exercise in full of an over-allotment option granted to the underwriters. The Common Shares were issued at a price of $25.05 per Common Share for total gross proceeds of approximately $201.7 million. The Equity Financing was made through a syndicate of underwriters co-led by Peters & Co. Limited and National Bank Financial Inc. and included BMO Nesbitt Burns Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., TD Securities Inc., ATB Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Raymond James Ltd., and Tudor, Pickering, Holt & Co. Securities – Canada, ULC.

Concurrent with the closing of the Equity Financing, certain directors, officers, employees and their associates of the Company purchased a total of 209,177 Common Shares at a price of $25.05 per Common Share on a private placement basis for gross proceeds of approximately $5.2 million. The aggregate gross proceeds from the Equity Financing and concurrent private placement totalled approximately $206.9 million, with the proceeds to be used to fund a portion of the previously announced acquisition of gross overriding royalty interests on approximately 3.0 million gross acres, over 50% undeveloped, in its NEBC Montney, Alberta Deep Basin and Peace River High core royalty areas from Tourmaline Oil Corp. for $278.2 million, which acquisition is scheduled to be completed on or about November 1, 2024.

ABOUT THE COMPANY

Topaz is a unique royalty and infrastructure energy company focused on generating free cash flow growth and paying reliable and sustainable dividends to its shareholders, through its strategic relationship with Canada's largest and most active natural gas producer, Tourmaline, an investment-grade senior Canadian E&P company, and leveraging industry relationships to execute complementary acquisitions from other high-quality energy companies. Topaz focuses on top-quartile energy resources and assets best positioned to attract capital in order to generate sustainable long-term growth and profitability.

Topaz's common shares are listed and posted for trading on the TSX under the trading symbol "TPZ" and it is included in the S&P/TSX Composite Index. This is the headline index for Canada and is the principal benchmark measure for the Canadian equity markets, represented by the largest companies on the TSX.

For further information, please visit the Company's website at  www.topazenergy.ca. Topaz's SEDAR+ filings are available at www.sedarplus.ca.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. These forward-looking statements relate to future events or the Company's future performance. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements pertaining to the use of proceeds from the Equity Financing and concurrent private placement, the timing for the closing of the royalty acquisition described in this news release and the Company's business as described under the heading "About the Company" above. Forward-looking information is based on a number of assumptions including those highlighted in this news release and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the failure to complete acquisitions on the terms or on the timing announced or at all and the failure to realize some or all of the anticipated benefits of acquisitions (including the acquisition described in this news release) including estimated royalty production, royalty production revenue growth, and the factors discussed in the Company's recently filed Management's Discussion and Analysis (See "Forward-Looking Statements" therein), Annual Information Form (See "Risk Factors" and "Forward-Looking Statements" therein) and other reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca) or Topaz's website (www.topazenergy.ca). Topaz does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE Topaz Energy Corp