SaskWorks Closes Follow-on Investment in Steel Reef Infrastructure Corp.April 23, 2015
April 23, 2015 (Regina, Saskatchewan) – SaskWorks Venture Fund Inc. (“SaskWorks”) participated as a lead in Steel Reef Infrastructure Corporation’s (“Steel Reef”) third round of financing. The private placement offering of 17,193,913 common shares closed at $1.85 on April 23, 2015, Steel Reef’s highest share valuation to date.
Steel Reef is a midstream company focused on strategically partnering with oil and gas exploration, development and production entities to develop a portfolio of midstream assets, through acquisition or construction, with a view to generating a regular dividend for its investors.
SaskWorks added Steel Reef to its portfolio in March 2013 and subsequently closed a follow-on transaction in March 2014. In this round of financing, the fund has added an aggregate amount of $5.3 million to its equity positions in the Diversified and Resources share classes.