Frank Giustra - key power broker and close colleague of former President Bill Clinton - has taken a seat on the Board of Directors of U.S. Oil Sands, an Alberta-based company aiming to develop tar sands deposits in Utah's Uintah Basin. **UPDATE: Although he was named a prospective appointee to the Board, Mr. Giustra ultimately declined the position, citing “other commitments.”**
U.S. Oil Sands - in naming several new members to its Board - also announced it has received $80 million in “strategic financing” from Blue Pacific Investments Group Ltd., Anchorage Capital Group, L.L.C. and Spitfire Ventures, LLC.
The funding will help get the ball rolling on “tar sands south,” a miniature but increasingly controversial version of its big brother to the north, the Alberta tar sands. Giustra will likely help in opening the right doors for tar sands industry interests in the United States.
Giusta is best known for his work in the worlds of uranium mining and minerals mining, though he has dabbled in the Alberta tar sands finance world once before, lending upwards of $20 million in capital to Excelsior Energy. He serves as CEO and President of Fiore Financial Corporation.
Founder and Director of the Radcliffe Foundation and Co-Director of the Clinton Giustra Enterprise Partnership (formerly known as the Clinton Giustra Sustainable Growth Initiative), Frank Giustra has maintained close ties with Bill Clinton since 2005.
The Clinton Giustra Sustainable Growth Initiative is an arm of the Bill, Hillary, and Chelsea Clinton Foundation (the Clinton Foundation). Giustra sits on the Clinton Foundation's Board of Trustees.