CIOC secures new financing

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By Ted Liu

Canadian International Oil Corp. (CICO), a portfolio company of Riverstone Holdings LLC and 1901 Partners (formerly ZBI Ventures), has raised $25 million in equity financing from Riverstone Holdings ($150 million commitments) and US $160 million or CDN $206,208,000 in senior note financing.

Credit Suisse Securities (USA) LLC acted as placement agent for the financing and was paid fee of $3.92 million. Burnet, Duckworth & Palmer LLP is CIOC’s legal counsel.

Calgary based Canadian International Oil Corp. is a widely held private company with a large, contiguous land base in the heart of two of the most prolific resource plays in North America. CIOC is focusing development activity in the Montney and Duvernay formations, in which it holds >200,000 net acres – the majority of which is owned 100% without encumbrances outside of standard Crown Lessor Royalties.

Riverstone has invested $553 million in CICO, including a $128 million secondary purchase in January 2106 from existing shareholders to hold a majority stake in CICO.

photo credit: Canadian International Oil Corp.