ARC Financial backed Steelhead closes Toro Oil & Gas acquisition

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.

photo credit: pixabay

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.