By Sheri Kasprzak
New York, Nov. 8 - Quest Resource Corp. said it intends to raise up to $190.45 million in a private placement of shares.
The offering includes up to 14.65 million shares at $13.00 each.
The company also granted an option for another 1,465,000 shares under the same terms within 30 days of closing.
The stock deal is scheduled to close by Nov. 14.
Quest plans to use the proceeds from the offering to purchase all of the class A equity interest in its subsidiary Quest Cherokee, LLC from ArcLight Energy Partners Fund I, LP through ArcLight's subsidiary Cherokee Energy Partners, LLP.
Based in Oklahoma City, Quest is an oil and natural gas exploration company.
Issuer: | Quest Resource Corp.
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Issue: | Stock
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Amount: | $190.45 million (maximum)
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Shares: | 14.65 million (maximum)
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Greenshoe: | For up to 1,465,000 shares
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Price: | $13.00
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Warrants: | No
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Announcement date: | Nov. 8
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Settlement date: | Nov. 14
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Stock price: | $13.00 at close Nov. 8
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