By Devika Patel
Knoxville, Tenn., Oct. 3 - Oilsands Quest Inc. said it settled a $21.03 million private placement of stock. The deal priced for $23.25 million on Sept. 22.
The company sold 5,142,857 flow-through common shares at $3.50 per share to funds managed by or affiliated with UTA Asset Management Corp. for $18 million. It also sold 865,299 shares to affiliates and employees of the company at the same price for an additional $3.03 million.
Proceeds will be used for exploration.
Oilsands, based in Calgary, Alta., is an oil and gas exploration company.
| Issuer: | Oilsands Quest Inc.
|
| Issue: | Flow-through common stock
|
| Amount: | $21,028,546
|
| Shares: | 6,008,156
|
| Price: | $3.50
|
| Warrants: | No
|
| Investor: | UTA Asset Management Corp. (for $18 million)
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 3
|
| Stock symbol: | Amex: BQI
|
| Stock price: | $3.18 at close Sept. 19
|
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