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Questerre Energy Corporation
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Questerre closes 489 million NOK Norwegian placement
Return to News Releases1969-12-31
Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported today that it has closed the Norwegian tranche of its previously announced equity offering.
The total offering consisted of two tranches of 19,972,000 and 10,028,000 common shares of the Company to be completed in each of Norway and Canada respectively.
A total of 19,972,000 common shares were issued in Norway at 24.50 NOK (C$4.30) per common share for gross proceeds of 489 million NOK or C$85.88 million. The placement was more than two times oversubscribed and placed primarily with institutional and accredited investors. Pareto Securities AS, DnB NOR Markets and Arctic Securities ASA were appointed as the Company's financial advisors for the Norwegian tranche of this issue.
Subject to the filing and receipt of the final prospectus by the securities regulators in Canada, Questerre expects the Canadian tranche to close in mid-March.
The Company plans to use the net proceeds from this equity issue to fund the continued assessment of the Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
Questerre Energy Corporation is an independent energy company focused on shale gas in North America. The Company is concentrated on establishing commerciality of its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
For further information, please contact:
Questerre Energy Corporation
Anela Dido, Investor Relations
(403) 777-1185 | (403) 777-1578 (FAX) |Email: info@questerre.com
This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated closing date of the offering and the anticipated use of the proceeds of the offering. Although Questerre believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the offering could be delayed if Questerre is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all. The intended use of the proceeds of the offering by Questerre might change if the board of directors of Questerre determines that it would be in the best interests of Questerre to deploy the proceeds for some other purpose.
The forward looking statements contained in this press release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or solicitation would be unlawful.