Oilsands Quest to raise $30 million from private placement of stock

By Laura Lutz

Des Moines, April 17 - Oilsands Quest Inc. plans to conduct a private placement for about $30 million.

The company intends to sell common stock to investors in Canada and the United States.

The share price will be determined in the context of the market, according to a company release.

Proceeds will be used to repay debt and for feasibility testing, working capital and general corporate purposes.

Settlement is expected on May 1.

Calgary, Alta.-based Oilsands, formerly known as CanWest Petroleum Corp., is an oil sands exploration company focused on properties in Saskatchewan and Alberta. Its stock lost 14 cents, or 4.1%, to close at $3.28 on Monday (Amex: BQI).

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