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21 Dec 2016 07:00
Riverstone Energy Limited
21 December 2016
Canadian International Oil Corp. (CIOC) - Sale of a loan interest
Guernsey (21 December 2016) - Riverstone Energy Limited ("REL" or the "Company"), announces that it has sold its entire CAN$ 28 million second lien loan (approximately US$ 21 million) interest in CIOC (the "CIOC Loan Interest") to an affiliate of Kendall Family Investments, LLC ("KFI"). The consideration payable by the KFI affiliate reflects the par value of the loan.
The CIOC Loan Interest, which has a maturity in 2020 and confers no equity rights in respect of CIOC, was provided to CIOC by the Company in December 2015. The proceeds from the sale of the CIOC Loan Interest will be used towards the exercise of its Warrants in CIOC, which the Company believes represents a more attractive return than the loan. KFI is a substantial shareholder of the Company under Chapter 11 of the Listing Rules. As such, the sale of the CIOC Loan Interest to its affiliate amounts to a smaller related party transaction as defined in Listing Rule 11.1.10.
Enquiries
For Riverstone Energy Limited:
Brian Potskowski Natasha Fowlie +44 20 3206 6300
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About Riverstone Energy Limited
REL is a closed-ended investment company that invests exclusively in the global energy industry, with a particular focus on the exploration & production and midstream sectors. REL aims to capitalise on the opportunities presented by Riverstone's energy investment platform. REL is a member of the FTSE 250 and its ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. To date, REL has made 17 investments spanning conventional and unconventional oil and gas activities in the Gulf of Mexico, Continental U.S., Western Canada, the U.K. North Sea, the Norwegian Sea, Mexico and credit.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.
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