By Devika Patel
Knoxville, Tenn., Sept. 22 - Oilsands Quest Inc. said it plans an $23.25 million private placement of stock.
The company will sell 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. Up to an additional 1.5 million flow-through shares may be issued to affiliates and employees of the company at the same price for an additional $5.25 million.
Settlement is expected Sept. 26.
Proceeds will be used for exploration.
Oilsands, based in Calgary, Alta., is an oil and gas exploration company.
Issuer: | Oilsands Quest Inc.
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Issue: | Flow-through common stock
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Amount: | $23.25 million
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Shares: | 5,142,857
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Price: | $3.50
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Warrants: | No
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Investor: | UTA Asset Management Corp. (for $18 million)
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Pricing date: | Sept. 22
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Settlement date: | Sept. 26
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Stock symbol: | Amex: BQI
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Stock price: | $3.18 at close Sept. 19
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