(EnergyAsia, February 1 2012, Wednesday) — Singapore sovereign wealth fund GIC has joined three companies to invest a total of C$500 million in Canada’s Osum Oil Sands Corp to help develop two projects in Alberta province. (US$1=C$1.01).

Through a private placement, GIC, Warburg Pincus, Blackstone Capital Partners and KERN Partners, a Calgary-based private equity firm, paid C$265 million for a total of 21.2 million Osum shares, and another C$235 million for a total of 18.8 million warrants to buy additional shares at the same price.

The fund will enable Calgary-based Osum to develop the 10,700 b/d Saleski pilot project and pre-sanction commercial preparation costs at Taiga.

Steve Spence, Osum’s President and CEO, said:

“Our ability to attract this significant level of investment from such a sophisticated group of investors in these difficult financial markets is a testament to the strength of our assets, strategy and team.”