By Sheri Kasprzak
New York, Feb. 7 - Oil Quest Resources plc said it intends to raise £17.5 million in a private placement.
The offering includes 108.34 million shares at 15.625p each through placement agent Westhouse Securities LLP and 3.66 million shares on a non-brokered basis to U.S.-based individual investors at the same price.
The shares represent 54.7% of the company's enlarged share capital.
Proceeds from the offering will be used for the exploration of wells and the acquisition of seismic data. The rest will be used for working capital.
The deal is being conducted simultaneously with the completion of Oil Quest's acquisition of the EnCore Cos. Upon the completion of the acquisition, the company's name will be changed to EnCore Oil plc.
Under the terms of the acquisition, Oil Quest will issue 48.45 million shares to EnCore's shareholders, valued at £7.57 million.
Based in Hambrook, England, Oil Quest is an oil and natural gas exploration company.
| Issuer: | Oil Quest Resources plc
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| Issue: | Stock
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| Amount: | £17.5 million
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| Shares: | 112 million
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| Price: | 15.625p
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| Warrants: | No
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| Placement agent: | Westhouse Securities LLP (for 108.34 million shares)
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| Pricing date: | Feb. 7
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| Stock symbol: | London: OILQ
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| Stock price: | 23.5p at close Feb. 6
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