Calgary, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE:QEC) is pleased to announce that it has completed a $7.2 million placement with a select group of institutional investors.
The placement will consist of the issuance of 11,000,000 Common Shares at 3.85 NOK (C$0.65) per Common Share and is subject to receipt of all requisite approvals. Pareto Securities ASA acted as manager for the placement. Closing is expected to take place next week. Upon closing, there will be 124,015,594 Common Shares issued and outstanding.
The Company proposes to use the net proceeds from this placement to fund its exploration and development activities in Alberta and British Columbia.
Michael Binnion, President and Chief Executive Officer of Questerre, commented, “I am very pleased we have attracted a select group of energy-focused institutions as shareholders. We expect this stronger shareholder base will support us as we move into a potentially large-scale development of the shallow Mattson sands at Beaver River.”
Questerre Energy Corporation is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.
For further information, please contact:
Michael R. Binnion, President
Tel: (403) 777-1185
Fax: (403) 777-1578
Email: info@questerre.com
Web: www.questerre.com