By Laura Lutz
Des Moines, May 4 - Oilsands Quest Inc. settled a private placement of non flow-through shares for about US$38.2 million and a private placement of flow-through shares for C$30,004,800.
The non flow-through deal, downsized from US$38.5 million, included about 13.9 million common shares at US$2.75 each.
That deal was announced on April 17 and priced on April 18. Its proceeds will be used to repay debt and for feasibility testing, working capital and general corporate purposes.
The second placement included 5.32 million flow-through shares at C$5.64 each.
On March 6, the company closed a first tranche of the flow-through placement by selling 3,097,534 flow-through shares for a total of C$17,470,092. A second tranche, including 58,300 shares for C$328,812, closed on March 9.
The final tranche of the flow-through placement, which raised C$12,205,896 from 2,164,166 shares, settled on May 3.
The flow-through proceeds will be used for exploration expenses.
Calgary, Alta.-based Oilsands, formerly known as CanWest Petroleum Corp., is an oil sands exploration company focused on properties in Saskatchewan and Alberta.
Non flow-through placement
| Issuer: | Oilsands Quest Inc.
|
| Issue: | Non flow-through shares
|
| Amount: | US$38.2 million (approximate)
|
| Shares: | 13.9 million (approximate)
|
| Price: | US$2.75
|
| Warrants: | No
|
| Announcement date: | April 17
|
| Pricing date: | April 18
|
| Settlement date: | May 3
|
| Stock symbol: | Amex: BQI
|
| Stock price: | US$3.16 at close April 18
|
| Stock price: | US$3.03 at close May 3
|
|
|
| Flow-through placement
|
| Issuer: | Oilsands Quest Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$30,004,800
|
| Shares: | 5.32 million
|
| Price: | C$5.64
|
| Warrants: | No
|
| Settlement date: | March 6 (for C$17,470,092), March 9 (for C$328,812), May 3 (for C$12,205,896)
|
| Stock symbol: | Amex: BQI
|
| Stock price: | US$3.22 at close March 6; US$3.40 at close March 9; US$3.03 at close May 3
|
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