On November 28, 2024, Topaz Energy Corp. announced a $300.24 million secondary offering of 10.8 million shares at $27.80 per share, which closed on December 11, 2024. The offering, managed by underwriters Peters & Co. Limited, BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., TD Securities Inc., ATB Securities Inc., Canaccord Genuity Corp., Desjardins Securities Inc., and Tudor, Pickering, Holt & Co. Securities – Canada, ULC, reduced Tourmaline Oil Corp.’s stake in Topaz from 29.4% to 22.4%.

Net proceeds of approximately $287.7 million went to Tourmaline. Legal advisors included Burnet, Duckworth & Palmer LLP for Topaz and Torys LLP for the underwriters. Topaz did not receive proceeds.