CALGARY,
AB, Nov. 14, 2024 /CNW/ - Tenaz Energy Corp.
("Tenaz", "our") (TSX: TNZ) is pleased to announce closing of
its previously announced private placement offering (the
"Offering") of $140 million aggregate
principal amount of Senior Unsecured Notes due 2029 (the "Notes").
The Notes replace the $90 million
delayed-draw term loan provided by National Bank of Canada to facilitate the acquisition of NAM
Offshore B.V. ("NOBV"). Completion of the Offering provides
significant liquidity to pursue our international M&A strategy
as well as funding the closing of the NOBV acquisition. National
Bank Financial Inc. served as sole bookrunner and placement agent
in connection with the Offering and is acting as financial advisor
to Tenaz with respect to the NOBV acquisition.
About Tenaz Energy Corp.
Tenaz is an energy company focused on the acquisition and
sustainable development of international oil and gas assets. Tenaz
has domestic operations in Canada
along with offshore natural gas and midstream assets in
the Netherlands. The domestic
operations consist of a semi-conventional oil project in the Rex
Member of the Mannville Group at Leduc-Woodbend in central
Alberta. The Netherlands natural gas assets are located
in the Dutch sector of the North Sea. Additional information
regarding Tenaz is available on SEDAR+ and its website at
www.tenazenergy.com. Tenaz's Common Shares are listed for trading
on the Toronto Stock Exchange under the symbol "TNZ".
Advisories
Notes Offering
The Notes were offered for sale to qualified buyers in
Canada on a private placement
basis pursuant to certain prospectus exemptions. The Notes were not
offered or sold in the United
States or to U.S. persons. This press release does not
constitute an offer to sell, or a solicitation of an offer to buy,
any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such an offer, solicitation, or
sale would be unlawful.
Forward-Looking Information
This press release contains certain forward-looking information
and statements within the meaning of applicable securities laws.
The forward-looking information and statements included in this
press release are not guarantees of future performance and should
not be unduly relied upon. Such information and statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking information or statements
including, without limitation: changes in commodity prices; changes
in the demand for or supply of Tenaz's products; unanticipated
operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters;
changes in development plans of Tenaz or by third party operators
of Tenaz's properties, increased debt levels or debt service
requirements; inaccurate estimation of Tenaz's oil and gas reserve
volumes; limited, unfavorable or a lack of access to capital
markets; increased costs; a lack of adequate insurance coverage;
the impact of competitors; a failure to obtain necessary approvals
as proposed or at all and certain other risks detailed from time to
time in Tenaz's public documents. The forward-looking information
and statements contained in this press release speak only as of the
date of this press release, and Tenaz does not assume any
obligation to publicly update or revise them to reflect new events
or circumstances, except as may be required pursuant to applicable
laws.
SOURCE Tenaz Energy Corp.