23rd Nov 2015 07:57
LONDON (Alliance News) - Natural resources investment company Riverstone Energy Ltd on Monday said it it seeking to raise GBP65.0 million through a placing and open offer.
FTSE 250-listed Riverstone said the number of shares which will be issued and the price on the offer will be determined at the close of the bookbuild for the placing, due to take place on Monday morning.
Riverstone said the funds will be used to increase its stake in Canadian International Oil Corp, an existing portfolio company, to 16% from the current 14%. In total, funds managed by Riverstone Holdings LLC, the manager of the Riverstone Energy fund, own 41% of CIOC, which will rise to 49% following the new transactions.
"This is a unique opportunity to increase our ownership in one of our best performing portfolio companies, as evidenced by CIOC's rapid production growth. The capital we are raising and investing will allow us to take advantage of this specific opportunity offering significant long-term value enhancement for REL investors," said Robert Wilson, Riverstone Energy Ltd's chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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