Opti revamps share offer to clear TSX hurdle

* Re-prices offering to C$1.75/shr from C$1.70

* TSX gives conditional approval to offer

* Shares drop 3.5 pct to C$1.92

CALGARY, Alberta, June 30 (Reuters) - Oil sands developer Opti Inc (OPC.TO) said on Tuesday it has re-priced a secondary offering that will boost its outstanding shares by nearly half, after the Toronto Stock Exchange blocked approval of the issue last week because the price was too low.

Opti, which has a 35 percent stake in Nexen Inc's (NXY.TO) Long Lake oil sands project, said it will issue at least 85.72 million shares at C$1.75 each to a group of underwriters led by TD Securities, Credit Suisse Securities and RBC Capital Markets, raising about C$150 million ($129 million).

The offer has been re-priced from the C$1.70 per share the company planned last week. That deal was blocked by the TSX because the price was more than 20 percent below the value of Opti's shares.

However since Opti's last attempt to raise the cash it needs to fund its capital spending plans, the shares have dropped 22 percent and the TSX has conditionally approved the issue since the offer price is no longer at too large a discount to the trading price.

The shares fell 7 Canadian cents, or 3.5 percent, to C$1.92 on Tuesday morning.

Opti said the underwriting group has the option to acquire a further 12.9 million shares if demand warrants. Should they take up that option, Opti's gross proceeds would rise to C$173 million and its total outstanding shares would climb to 288.9 million from 196 million.

($1=$1.16 Canadian) (Reporting by Scott Haggett; editing by Rob Wilson)