By Devika Patel
Knoxville, Tenn., Dec. 17 - Oilsands Quest Inc. said it has arranged a $9 million non-brokered private placement of stock.
The company will sell 8.57 million common shares at $1.05 per share.
Settlement is expected Dec. 22.
Proceeds will be used to fund the testing program at the Axe Lake prospect and for general corporate purposes.
Oilsands, based in Calgary, Alta., is an oil and gas exploration company.
| Issuer: | Oilsands Quest Inc.
|
| Issue: | Common shares
|
| Amount: | $8,998,500
|
| Shares: | 8.57 million
|
| Price: | $1.05
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Stock symbol: | Amex: BQI
|
| Stock price: | $1.13 at close Dec. 16
|
| Market capitalization: | $327 million
|
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