Riverstone Seneca BV, a shareholder of Canadian International Oil Corp. (CIOC) and an affiliate of Riverstone Holdings LLC, will make an offer to purchase any of the CIOC common shares and share purchase warrants that are not owned by Riverstone and affiliates, CIOC said Nov. 20.
The offer will be made for CA$1.675 per share and about 0.4 cents per warrant.
CIOC’s board of directors established a committee of independent directors to consider and review the offer and supervise the preparation of the independent formal valuation of the shares and warrants per applicable securities laws.
The committee retained CIBC World Markets Inc. as independent valuator and financial adviser. The offer will not be subject to a financing condition, will contain limited and customary conditions and will expire on Dec. 29 unless withdrawn or extended.
Canadian International Oil Corp. is based in Calgary, Alberta.
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