Oilsands Quest Inc. (AMEX: BQI) is seeing a positive reaction to news that the company entered into an agreement with Sprott Asset Management Co. for a private placement of 11,904,761 treasury shares of common stock at $4.20 per share.
Gross proceeds for the placement total $50 million. A separate placement to other accredited investors totals $4.5 million. The total shares issued will reach 12,976,761 for total proceeds of $54.5 million. Proceeds will be used for general corporate and operation purposes.
Shares had been halted pending news, but have now been released. Oilsands Quest shares are up almost 4% in mid-day trading at $4.25. The market cap currently sits at about $906 million.
You can also sign up to our open email distribution list to see about other secondary offerings, IPO’s, break-ups, spin-offs, and more.
Rachel Lopez
May 12, 2008
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
