More capital to QEC!...Questerre closes $9 million bought deal...
posted on
Dec 23, 2013 10:35AM
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Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) is pleased to report that it has closed its previously announced offering (the "Offering") of 5,865,000 common shares of the Company issued on a "flow-through" basis within the meaning of the Income Tax Act (Canada) at a price of $1.55 per Flow- Through Share, resulting in gross proceeds of $9,090,750, which includes the exercise in full of the over-allotment option to sell an additional 765,000 Flow-Through Shares. The Offering was made by a syndicate of underwriters (the "Underwriters") led by Canaccord Genuity Corp. and including Cormark Securities Inc. Details of the Offering are as set forth in the prospectus of the Company dated December 16, 2013 and filed on the Company's profile at www.sedar.com. The gross proceeds of the Offering will be used by the Company to incur eligible Canadian exploration expenses ("Qualifying Expenditures") prior to December 31, 2014 on Questerre's properties. The Company will renounce the Qualifying Expenditures to subscribers of the Flow- Through Shares for the fiscal year ended December 31, 2013. The Company intends to use the proceeds of the Offering primarily to accelerate its capital program for its liquids-rich Montney acreage in the Kakwa-Resthaven area of west central Alberta, Canada. The Company reported that its prospectus referred to in the stock exchange release on 16 December 2013 has been approved by the Norwegian Financial Supervisory Authority in accordance with the provisions of the Norwegian Securities Trading Act section 7-7 (5) on December 23, 2013. The Flow-through Shares issued pursuant to this prospectus are validly issued, fully paid up and non-assessable. Upon completion of this Offering there are 264,657,291 Common Shares issued and outstanding.