Nice vote from Sprott there.
Oilsands Quest closes $54.5-million (U.S.) financing
2008-05-23 07:41 MT - News Release
An anonymous director reports
OILSANDS QUEST ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Oilsands Quest Inc. has completed its previously announced private placement in which funds managed by Sprott Asset Management Inc. have purchased 11,904,761 Oilsands Quest common shares at a price of $4.20 (U.S.) per share for total gross proceeds to Oilsands Quest of approximately $50-million (U.S.). In addition, a number of other accredited investors participated for another $4.5-million (U.S.) at the same price per share, resulting in a total of 12,976,761 common shares issued and total gross proceeds of approximately $54.5-million (U.S.).
The private placement was made by a syndicate of agents bookrun by TD Securities Inc., and including Genuity Capital Markets, CIBC World Markets Inc., Blackmont Capital Inc., Canaccord Capital Corp., Lehman Brothers Canada Inc. and RBC Dominion Securities in Canada, and their respective U.S. registered broker dealer affiliates. The proceeds of the private placement will be used for general corporate and other operational purposes. Specific allocations of the proceeds for such purposes have not been made at this time. The common shares issued pursuant to this offering have not been registered under the United States Securities Act of 1933, as amended.
