New Issue: Oilsands Quest arranges $54.5 million private placement of shares

By Devika Patel

Knoxville, Tenn., May 12 - Oilsands Quest Inc. said it plans to conduct a $54.5 million private placement of stock.

The company will sell 12,976,761 treasury shares at $4.20 each. Of those shares, 11,904,761 will be sold to funds managed by Sprott Asset Management Inc. for $50 million.

Proceeds will be used for general corporate and other operational purposes.

Oilsands, based in Calgary, Alta., is an oil and gas exploration company.

Issuer:	Oilsands Quest Inc.
Issue:	Treasury stock
Amount:	$54,502,396.20
Shares:	12,976,761
Price:	$4.20
Warrants:	No
Investor:	Sprott Asset Management Inc. (for $49,999,996.20)
Pricing date:	May 12
Stock symbol:	Amex: BQI
Stock price:	$4.10 at close May 9

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