NOT FOR DISTRIBUTION OR DISSEMINATION
IN THE UNITED
STATES
FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF UNITED
STATES SECURITIES LAW
CALGARY,
AB, Feb. 20, 2025 /CNW/ - InPlay Oil
Corp. (TSX: IPO) (OTCQX: IPOOF) ("InPlay" or
the "Company") is pleased to announce that, as
a result of excess demand, it has agreed with the syndicate of
underwriters led by ATB Securities Inc., National Bank Financial
Inc. and RBC Capital Markets (collectively, the "Lead
Underwriters" and together with the rest of the
syndicate of underwriters, the "Underwriters")
to increase the size of its previously announced bought-deal
prospectus offering (the "Offering") to
$28.5 million.
The Underwriters have agreed to purchase
for resale to the public, on a bought-deal basis, a total of
18,387,500 subscription receipts ("Subscription
Receipts") of InPlay at a price of $1.55 per Subscription Receipt for gross proceeds
of approximately $28.5 million. In
addition, the Underwriters will now have an option to purchase up
to an additional 2,758,125 Subscription Receipts under the Offering
at a price of $1.55 per Subscription
Receipt to cover over-allotments and for market stabilization
purposes.
As previously announced, InPlay has entered
into a definitive agreement (the "Acquisition
Agreement") for the purchase of petroleum and natural
gas assets located primarily in the Pembina area of Alberta for a total purchase price of
approximately $309 million, prior to
adjustments (the "Transaction"). It is
anticipated that InPlay will fund the Transaction, with the net
proceeds of the Offering and through draws from InPlay's recently
announced $300 million credit
facilities.
Completion of the Offering is subject to
customary closing conditions, including the receipt of all
necessary regulatory approvals, including the approval of the
Toronto Stock Exchange. Closing of the Offering is expected to
occur on February 27,
2025.
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of
securities in the United States.
These securities have not been and will not be registered under the
U.S. Securities Act or any state securities laws, and, accordingly
may not be offered or sold within the
"United States" or to a "U.S. Persons" (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or in
certain transactions exempt from the registration requirements of
the U.S. Securities Act and applicable state securities
laws.
About InPlay Oil
Corp.
InPlay is a junior oil and gas exploration
and production company with operations in Alberta focused on light oil
production. The company operates long-lived, low-decline properties
with drilling development and enhanced oil recovery potential as
well as undeveloped lands with exploration possibilities. The
Common Shares trade on the Toronto Stock Exchange under the symbol
IPO and the OTCQX Exchange under the symbol IPOOF.
SOURCE inplay oil
