Vero Energy Inc. - 2012-09-14

TORC has agreed with the underwriters for its bought-deal, private placement announced in connection with the proposed combination of Vero and TORC to increase the size of the offering from 28,850,000 subscription receipts to 30,800,000 subscription receipts at a price of $2.60 per subscription receipt and from 8,065,000 flow-through subscription receipts to 12,910,000 flow-through subscription receipts at a price of $3.10 per flow-through subscription receipt. The net proceeds from the subscription receipts will be used to fund ongoing capital expenditures and for general corporate purposes and the proceeds from the flow-through subscription receipts financing will be used to incur Canadian exploration expense for purposes of the Income Tax Act.