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Riverstone to hike stake in CIOC by USD68m

31 December 2015 07:45

Riverstone Energy Ltd will hike its stake in Canadian International Oil Corp (CIOC) by the maximum allowable amount of USD68m on completion of the tender offer in January 2016.

On Dec. 9, Riverstone announced the results of a Placing and Open Offer, which raised £67.6 million.

Riverstone raised capital to increase its stake in CIOC, an existing portfolio company, by up to USD68m, pursuant to a tender offer for outstanding common shares and warrants of CIOC, the first close of which was on Dec. 29.

The affiliate of Riverstone which made the tender offer had received, as at Dec. 29, tenders of about US$92.1m of common shares and warrants of CIOC.

Story provided by StockMarketWire.com

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