Oilsands Quest wraps C$4.4 million private placement

By Sheri Kasprzak

Atlanta, June 16 - Oilsands Quest Inc. has completed a private placement for C$4.4 million.

Oilsands, a subsidiary of CanWest Petroleum Corp., completed the deal with CIBC World Markets Inc. as its placement agent.

A spokeswoman for CanWest said additional details about the offering were not being released because Oilsands is a private company, and calls to Oilsands' president, Chris Hopkins, were not returned by press time Thursday.

The offering brings CanWest's equity interest in Oilsands up to 54.4%.

The proceeds from the deal will be used to initiate exploratory drilling on properties in Saskatchewan.

The offering was first announced May 2, but details were not released at that time either.

Based in Calgary, Alta., Oilsands Quest is a private oilsands exploration company.

On Thursday, CanWest's stock closed up $0.05, or 11.11%, at $0.45.

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