CALGARY, ALBERTA--(Marketwire - March 28, 2013) - Steel Reef Infrastructure Corp. ("Steel Reef") is pleased to announce to industry that it has closed its initial private placement and that it is fully funded to pursue its business plan. The private placement, which targeted a minimum of $50,000,000, was significantly over-subscribed. Steel Reef has elected to accept all subscriptions received. Proceeds from the initial private placement will target midstream investment opportunities, focused on the acquisition or construction of field gathering systems, processing facilities and other infrastructure opportunities in the Western Canadian Sedimentary Basin.
Steel Reef is led by Lane McKay as Executive Chairman, Scott Southward as President & CEO and Austin Voss as Chief Operating Officer. In addition to Lane Mackay and Scott Southward, the Board of Directors includes Jamie McVicar, Steve Magus and Guy Le Blanc, with Dean Potter and Neil Roszell serving as Special Advisors, and Robert Lehodey as Corporate Secretary.
Lane McKay, Executive Chairman of Steel Reef, said "It is fantastic to see Steel Reef have such a successful private placement having regard to the current equity markets and it is a testament to the business plan and the energy and entrepreneurialism of the company's key executive officers, Scott Southward and Austin Voss."
GMP Securities L.P. served as lead agent for the syndicate which included FirstEnergy Capital Corp. and Peters & Co. Limited.
About Steel Reef Infrastructure Corp.:
Steel Reef is a newly created, privately held midstream company focused on strategically partnering with oil and gas exploration, development and production companies to develop a portfolio of small to mid-sized midstream assets, through acquisition or construction, with a view to generating a regular dividend for its investors.