Calgary-based Sunshine Oilsands has signed up three cornerstone investors that will commit $350 million in its initial public offering, or more than half the targeted $600 million, a source close to the transaction said.
It is a substantial commitment given that the target size of the IPO was initially expected to be between $300 million and $600 million. China Investment Corp, the country’s sovereign wealth fund, has pledged $150 million, while China Petrochemical Corp Sinopec...