By Devika Patel
Knoxville, Tenn., April 30 - Oilsands Quest Inc. said it has arranged a C$18.32 million non-brokered private placement of stock.
The company will sell 10.5 million flow-through common shares at C$1.00 each. It also will sell 9.2 million common shares at C$0.85 per share.
Proceeds will be used to meet Oilsands' work commitments on its existing oil sands leases and to conduct initial engineering, drilling and construction to prepare for a planned SAGD test at Test Site 1 later in 2010.
Oilsands, based in Calgary, Alta., is an oil and gas exploration company.
| Issuer: | Oilsands Quest Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$18.32 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 30
|
| Stock symbol: | Amex: BQI
|
| Stock price: | $0.88 at close April 29
|
| Market capitalization: | $270 million
|
|
|
| Flow-through shares
|
| Amount: | C$10.5 million
|
| Shares: | 10.5 million
|
| Price: | C$1.00
|
|
|
| Shares
|
| Amount: | C$7.82 million
|
| Shares: | 9.2 million
|
| Price: | C$0.85
|
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