AIMCo completes significant investment in Savanna Energy Services

Torys acted as counsel to Alberta Investment Management Corporation with a team that included Neville Jugnauth, Mike Pedlow and Kay Turner (corporate/M&A), Kevin Fougere, David Kolesar and Tyrel Henderson (debt financing).

On December 13, 2016, Alberta Investment Management Corporation ("AIMCo") completed its previously announced financings with Savanna Energy Services, ("Savanna"). Based upon the terms of the commitment letter and the subscription agreement, signed November 22, 2016, the financing relationship provides for a C$200 million debt-with-warrants financing and a private placement of 13,000,000 common shares of Savanna at a price of C$1.45 per share for gross proceeds of C$18.85 million.

Savanna is a leading contract drilling and oilfield services company operating in North America and Australia providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading Aboriginal relationships.

AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$90 billion of assets under management.

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