HONG KONG, July 26, 2018 /CNW/ - YF Finance Limited ("YF") announced today that, on July 19, 2018, it acquired 1,938,500 common shares of TAG Oil Ltd. ("TAG") (TSX: TAO) through the facilities of the Toronto Stock Exchange at a price of C$0.39 per share, for total consideration of C$749,629.58. The purchased shares, together with the 10,545,000 common shares of TAG previously held by YF, resulted in YF having beneficial ownership of approximately 14.64% of TAG's outstanding common shares. As the result of multiple purchases of TAG common shares through the facilities of the Toronto Stock Exchange between July 20, 2018 and July 24, 2018, YF acquired a further 352,000 TAG common shares representing, in the aggregate, an additional 0.41% of TAG's outstanding common shares. These additional common shares were acquired for aggregate consideration of C$140,800, being an average price of C$0.40 per common share. As a result of YF's acquisition of the additional 352,000 common shares, its ownership interest increased to represent approximately 15.05% of TAG's outstanding common shares.
Prior to the July 19, 2018 transaction, YF owned 10,545,000 common shares, representing approximately 12.36% of TAG's outstanding common shares. As a result of the July 19, 2018 transaction, YF beneficially owned 12,483,500 common shares, representing approximately 14.64% of TAG's outstanding common shares. Following YF's acquisition of a further 352,000 common shares between July 20, 2018 and July 24, 2018, YF beneficially owned 12,835,500 common shares, representing approximately 15.05% of TAG's outstanding common shares.
The common shares of TAG were acquired by YF for investment purposes. YF will continue to review the performance of and prospects for this investment and investment alternatives. YF may take actions in the future in respect of its security holdings in TAG based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of TAG common shares, whether in the open market, by privately negotiated agreement or otherwise.
YF's head office is located at Market Square, 3rd Floor, Yamraj Building, P.O. Box 3175, Road Town, Tortola, British Virgin Islands. TAG's head office is located at 2040-885 West Georgia Street, Vancouver, British Columbia V6C 3E8.
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under TAG's profile on SEDAR (www.sedar.com) containing further information respecting the foregoing matters.
SOURCE YF Finance Limited
For further information: For a copy of such report or further information, you may contact: YF Finance Limited, Level 37, 41 Heung Yip Road, Wong Chuk Hang, Hong Kong, Attention: Jamii Quoc, Phone: 852 2239 5300