By Devika Patel
Knoxville, Tenn., Sept. 23 - Oilsands Quest Inc. said it plans an $11.43 million private placement of stock. This is in addition to the $23.25 million placement of shares announced on Monday.
The company will sell 3,266,000 flow-through common shares at $3.50 per share.
On Monday, Oilsands said it will sell up to 6,642,857 flow-through common shares at that price 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 of Tuesday's deal is expected Oct. 3. The Monday deal will settle on Sept. 26.
Proceeds will be used for exploration.
Oilsands, based in Calgary, Alta., is an oil and gas exploration company.
| Issuer: | Oilsands Quest Inc.
|
| Issue: | Flow-through common stock
|
| Amount: | $11,431,000
|
| Shares: | 3,266,000
|
| Price: | $3.50
|
| Warrants: | No
|
| Pricing date: | Sept. 23
|
| Settlement date: | Oct. 3
|
| Stock symbol: | Amex: BQI
|
| Stock price: | $3.21 at close Sept. 22
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
