ARC Financial backed Steelhead closes Toro Oil & Gas acquisition

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By Ted Liu

Steelhead Petroleum Ltd, a portfolio company of ARC Financial Corp., has completed the acquisition of Toro Oil & Gas Ltd. (TSX-V: TOO) for $44 million.

It is expected that the Toro common shares and warrants will be delisted from the TSX Venture Exchange effective at the close of business on February 2, 2017.

AltaCorp Capital Inc. acted as financial advisor and Torys LLP as legal counsel to Toro. Norton Rose Fulbright Canada LLP acted as legal counsel to Steelhead Petroleum.

Steelhead Petroleum was established in October 2015 with initial backing from ARC Financial. Led by President & CEO Bruce Beveridge, Steelhead Petroleum has been focused on acquiring conventional oil weighted assets in the Western Canadian Sedimentary Basin.

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