TransAlta raises $350M in bought deal share sale

TransAlta Corporation completed a bought deal sale of common shares, raising approximately $350 million in gross proceeds.

Rhea-AI Filing Summary

TransAlta Corporation completed a bought deal sale of common shares, raising approximately $350 million in gross proceeds. The company issued 18,230,000 shares at $19.20 per share through a syndicate led by CIBC Capital Markets and RBC Capital Markets.

TransAlta plans to use the net proceeds to fund the cash purchase price for its previously announced acquisition of two natural gas-fired peaking facilities near Denver, Colorado, totaling 318 MW of capacity. The acquisition is expected to close early in the fourth quarter of 2026, subject to closing conditions and regulatory approvals.

The underwriters have a 30-day option to buy up to an additional 2,734,500 shares at the same price for potential extra gross proceeds of about $52.5 million. If the acquisition does not close, TransAlta may redirect the funds to other growth opportunities, capital projects, debt reduction or general corporate purposes.

Positive

• Equity financing secured for growth acquisition: Raising approximately $350 million via a bought deal share offering gives TransAlta dedicated capital to fund a 318 MW U.S. gas peaking acquisition, potentially supporting portfolio expansion without immediately increasing financial leverage.

Negative

• None.

Insights

Equity & Power Sector Analyst

TransAlta raises equity to fund U.S. gas peaking acquisition.

TransAlta has raised about $350 million by issuing 18,230,000 common shares at $19.20. The primary stated purpose is financing the cash portion of its acquisition of two natural gas-fired peaking plants totaling 318 MW near Denver.

This transaction shifts part of the acquisition funding mix toward equity, which can support balance sheet strength but adds share dilution. An underwriter option for up to 2,734,500 additional shares, worth about $52.5 million, could expand the raise if exercised within 30 days of closing.

The acquisition is expected to close in early Q4 2026, subject to regulatory approvals and other conditions. Subsequent company disclosures around integration progress, capital allocation priorities, and any exercise of the underwriters’ option will further clarify the long-term impact of this financing and new U.S. gas capacity.

Key Figures

Equity raise gross proceeds: $350 million Shares issued: 18,230,000 shares Offering price: $19.20 per share +4 more

7 metrics

Equity raise gross proceeds $350 million Bought deal offering of common shares

Shares issued 18,230,000 shares Common shares sold in the offering

Offering price $19.20 per share Price for the common share issuance

Underwriters’ option shares 2,734,500 shares Additional shares available for 30 days

Potential extra proceeds $52,502,400 Gross proceeds if option fully exercised

Acquisition capacity 318 MW Two natural gas-fired peaking facilities near Denver

Expected acquisition closing Early Q4 2026 Subject to regulatory approvals and conditions

Key Terms

bought deal offering, gross proceeds, net proceeds, regulatory approvals, +2 more

6 terms

bought deal offering financial

"it has closed its previously announced bought deal offering (the Offering) of common shares"

A bought deal offering is when an investment bank agrees to buy an entire new block of a company’s shares or bonds upfront and then resell them to investors, taking on the risk that it might not be able to sell everything at a profit. It matters to investors because it delivers fast, guaranteed cash to the company and clear pricing, but can also mean the securities are sold at a discount and may put short-term downward pressure on the market price, similar to someone buying a garage of items in bulk and then selling them individually.

gross proceeds financial

"for total gross proceeds of approximately $350 million"

The total amount of cash a company receives from a financing event or sale before any fees, expenses, taxes or deductions are taken out. Investors watch gross proceeds because it shows the raw scale of new capital being raised—think of it as the paycheck amount before withholdings—which helps assess how much funding is available for operations, growth, debt payoff or how much shareholder dilution might occur once costs are removed.

net proceeds financial

"TransAlta intends to use the net proceeds of the Offering to fund the cash purchase price"

The amount of money a company actually keeps from a sale or fundraising after paying all direct costs and fees, similar to take-home pay after taxes and deductions. Investors care because net proceeds determine how much cash is available for things that affect value—paying debt, funding projects, buying assets, or returning money to shareholders—so it influences future growth potential and financial health.

regulatory approvals regulatory

"subject to the satisfaction of certain closing conditions, including receipt of regulatory approvals"

Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.

forward-looking statements regulatory

"This news release includes “forward-looking information,” ... and “forward-looking statements,”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

capital development expenditures financial

"finance its capital development expenditures, reduce its outstanding indebtedness or for other general corporate purposes"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did TransAlta (TAC) announce in this Form 6-K?

TransAlta announced it closed a bought deal common share offering raising about $350 million. The funds are intended primarily to pay the cash purchase price for a previously announced acquisition of two 318 MW natural gas-fired peaking facilities near Denver, Colorado.

How many shares did TransAlta (TAC) issue and at what price?

TransAlta issued 18,230,000 common shares at an offering price of $19.20 per share. The issuance was completed through a bought deal underwritten syndicate, resulting in total gross proceeds of approximately $350 million from the primary tranche of the offering.

What will TransAlta (TAC) use the $350 million in proceeds for?

TransAlta intends to use the net proceeds mainly to fund the cash purchase price of its acquisition of two natural gas-fired peaking plants totaling 318 MW near Denver. If the acquisition does not close, the company may use the funds for growth, capex, debt reduction or general purposes.

What is the size and timing of TransAlta’s planned U.S. acquisition?

The planned acquisition covers two new natural gas-fired peaking facilities totaling 318 MW located near Denver, Colorado. TransAlta expects the acquisition to close early in the fourth quarter of 2026, subject to regulatory approvals and satisfaction of other closing conditions.

Does the TransAlta (TAC) offering include an over-allotment option?

Yes. Underwriters have a 30-day option to buy up to an additional 2,734,500 common shares at the $19.20 offering price. If fully exercised, this option would provide potential additional gross proceeds of approximately $52,502,400 to TransAlta.

Who led TransAlta’s $350 million bought deal share offering?

The offering was led by CIBC Capital Markets and RBC Capital Markets, acting as part of a syndicate of underwriters. They agreed to purchase the 18,230,000 common shares on a bought deal basis and also hold the option for additional shares for 30 days.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/09/2026 - 09:20 AM Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June 2026

Commission File Number: 001-15214

TransAlta Corporation
(Translation of registrant's name into English)

Suite 1400, 1100 – 1st Street S.E., Calgary, Alberta, T2G 1B1
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		TransAlta Corporation
		(Registrant)
Date: June 9, 2026		/s/ Joel Hunter
		Joel Hunter
		Executive Vice President Finance and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description
99.1		TransAlta Announces Closing of $350 Million Bought Deal Offering of Common Shares

EXHIBIT 99.1

TransAlta Announces Closing of $350 Million Bought Deal Offering of Common Shares

CALGARY, Alberta, June 09, 2026 (GLOBE NEWSWIRE) --

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) is pleased to announce that it has closed its previously announced bought deal offering (the Offering) of common shares.

Pursuant to the Offering, TransAlta issued a total of 18,230,000 common shares (the Offered Shares) at a price of $19.20 per share (the Offering Price) for total gross proceeds of approximately $350 million.

The Offered Shares were offered and sold through a syndicate of underwriters led by CIBC Capital Markets and RBC Capital Markets.

TransAlta intends to use the net proceeds of the Offering to fund the cash purchase price of its previously announced acquisition (the Acquisition) of two new natural gas-fired peaking facilities totaling 318 MW near Denver, Colorado. The Acquisition is expected to close early in the fourth quarter of 2026, subject to the satisfaction of certain closing conditions, including receipt of regulatory approvals.

The underwriters also have an option to purchase up to an additional 2,734,500 common shares at the Offering Price, exercisable for a period of 30 days following the closing of the Offering, for potential additional gross proceeds to TransAlta of approximately $52,502,400.

If the Acquisition is not completed, the Company intends to use the net proceeds from the Offering to finance future growth opportunities including acquisitions, finance its capital development expenditures, reduce its outstanding indebtedness or for other general corporate purposes.

For additional information regarding the Acquisition and the Offering, refer to the Company’s news release dated June 3, 2026, available under TransAlta’s profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of TransAlta.

About TransAlta Corporation

TransAlta is one of Canada’s largest publicly traded power generators, delivering reliable electricity across Canada, the U.S. and Western Australia. For more than 100 years, our people have safely operated and evolved essential energy infrastructure that powers customers and communities. Our technology-diverse portfolio and disciplined execution allow us to deliver dependable power across evolving energy systems. We take a practical, responsible approach to meeting today’s energy needs while building for what comes next.

Cautionary Statement Regarding Forward-Looking Information

This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable U.S. securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “potential”, “future”, “outlook”, “strategy”, “continue” or other similar words or expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements pertaining to, without limitation, the expected use of the net proceeds of the Offering and the terms and expected closing date of the Acquisition.

The forward-looking statements contained herein are based on certain assumptions that TransAlta has made as at the date of this news release regarding, among other things: the satisfaction of the conditions to closing of the Acquisition in a timely manner, including receipt of all necessary approvals; and that the Acquisition will be completed on terms consistent with management’s current expectations; no significant changes to applicable laws and regulations; and no material changes to international trade laws, regulations, agreements, treaties, taxes, tariffs, duties or policies of Canada, the U.S. or other countries.

Although TransAlta believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including those described in our MD&A for the three months ended March 31, 2026 and our MD&A for the year ended December 31, 2025.

All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. TransAlta does not undertake any obligation to update or revise any forward-looking statements contained herein, except as may be required by applicable laws.

For more information:

Investor Inquiries:	Media Inquiries:
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: investor_relations@transalta.com	Email: ta_media_relations@transalta.com

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 PRESS RELEASE 6.9 KB