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Tourmaline's IPO crosses finish line with power Add to ...

Canadian's appetite for initial public offerings has been hit or miss this fall, but Tourmaline Oil Corp. is one of the few companies that was able to get a good deal sold.

Tourmaline initially set out to raise about $125-million, but the final total on closing Tuesday morning came to $210-million. The firm also raised an additional $17.85-million in a private placement to directors and senior officers, raising total proceeds to just under $230-million.

The stock also priced at $21, right in the middle of its $20 to $22 marketing range.

Unlike some recent IPOs that have faltered, Tourmaline has a strong team behind it that lured investors. Oil executive Mike Rose and his group started the company after selling Duvernay Oil Corp. for about $6-billion just two years ago.

Proceeds from the offering will fund a portion of Tourmaline's budgeted $425-million 2011 capital exploration and development program.

Peters & Co. led the offering.

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