HONG KONG, Aug. 16, 2018 /CNW/ - YF Finance Limited ("YF") announced today that, on August 9, 2018, it acquired 3,555,500 common shares of TAG Oil Ltd. ("TAG") (TSX: TAO) through the facilities of the Toronto Stock Exchange at a price of C$0.38 per share, for total consideration of C$1,351,090. The purchased shares, together with the 12,835,500 common shares of TAG previously held by YF, resulted in YF having beneficial ownership of approximately 19.22% of TAG's outstanding common shares.
Prior to the August 9, 2018 transaction, YF owned 12,835,500 common shares, representing approximately 15.05% of TAG's outstanding common shares. As a result of the August 9, 2018 transaction, YF beneficially owned 16,391,000 common shares, representing approximately 19.22% 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. For a copy of such report or further information, you may contact:
SOURCE YF Finance Limited
For further information: YF Finance Limited, Level 37, 41 Heung Yip Road, Wong Chuk Hang, Hong Kong, Attention: Jamii Quoc, Phone: 852 2239 5300