/NOT FOR DISSEMINATION IN THE UNITED STATES/
TSXV: TAO
VANCOUVER, BC, Oct. 28,
2022 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX:
TAOIF) ("TAG Oil" or the "Company") is pleased
to announce that it has filed and obtained a receipt for its final
short form prospectus with the securities regulatory authorities in
each of the provinces of Canada
(other than Québec) in relation to its previously announced
underwritten public offering (the "Offering") of common
shares for $22 million in gross
proceeds.
The Offering is expected to close on or about November 3, 2022, or such other date as the
Company and the Underwriters may agree. Closing of the Offering is
subject to customary closing conditions, including, but not limited
to, the receipt of all necessary regulatory approvals, including
the approval of the securities regulatory authorities and the TSX
Venture Exchange.
The Company hereby expressly advises any investor to disregard
the statement in its Annual Information Form for fiscal 2022 that
it "does not have access to the information that would allow it to
determine the amount of reserves, if any, attributable to the NZ
Assets." TAG Oil has provided an undertaking to the British
Columbia Securities Commission that within 30 days of the date of
the final prospectus it will amend and restate its annual
information form, including its annual filings under National
Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities ("NI 51-101") in compliance with section 2.1 of NI
51-101, including for certainty providing a report in accordance
with Form 51-101F2 by a qualified reserves evaluator that is
independent of the Company and a report of management and directors
in accordance with Form 51-101F3.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of securities in the United States. The securities have not
been and will not be registered under the U.S. Securities Act or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based
international oil and gas exploration company with a focus on
opportunities in the Middle East
and North Africa.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements and
Disclaimer
This news release includes certain statements and information
that constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts are
forward-looking statements. Such forward-looking statements and
forward-looking information specifically include, but are not
limited to, statements that relate to the completion of the
Offering and the timing in respect thereof, the use of proceeds of
the Offering and timely receipt of all necessary approvals,
including the approval of the TSX Venture Exchange.
Statements contained in this release that are not historical
facts are forward-looking statements that involve various risks and
uncertainty affecting the business of TAG Oil. Such statements can
generally, but not always, be identified by words such as
"expects", "plans", "anticipates", "intends", "estimates",
"forecasts", "schedules", "prepares", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. All statements that describe the
Company's plans relating to operations and potential strategic
opportunities are forward-looking statements under applicable
securities laws. These statements address future events and
conditions and are reliant on assumptions made by the Company's
management, and so involve inherent risks and uncertainties, as
disclosed in the Company's periodic filings with Canadian
securities regulators. As a result of these risks and
uncertainties, and the assumptions underlying the forward-looking
information, actual results could materially differ from those
currently projected, and there is no representation by TAG Oil that
the actual results realized in the future will be the same in whole
or in part as those presented herein. TAG Oil disclaims any intent
or obligation to update forward-looking statements or information
except as required by law. Readers are referred to the additional
information regarding TAG Oil's business contained in TAG Oil's
reports filed with the securities regulatory authorities in
Canada. Although the Company has
attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors
that could cause actions, events or results not to be as
anticipated, estimated or intended. For more information on TAG Oil
and the risks and challenges of its business, investors should
review TAG Oil's filings that are available at
www.sedar.com.
TAG Oil provides no assurance that forward-looking statements
and information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements or information. Accordingly, readers should not
place undue reliance on forward-looking statements or
information.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current reserve base will
depend on its ability to develop its current properties and on its
ability to discover and acquire properties or prospects that are
capable of commercial production. However, there is no assurance
that the Company's future exploration and development efforts will
result in the discovery or development of additional commercial
accumulations of oil and natural gas.
SOURCE TAG Oil Ltd.