Calgary, Alberta - Questerre Energy Corporation (“Questerre” or the “Company”) (TSX, OSE:QEC) announces that it intends to complete a private placement of up to 9.71 million common shares, to be issued on a flow-through basis, at $1.03 (5.69 NOK) per share for gross proceeds of up to $10 million. The completion of this private placement is subject to regulatory approval.
Questerre appointed Dundee Securities Corporation as lead agent of a syndicate of underwriters for this placement. The syndicate will place $7 million of the private placement on a guaranteed agency basis and has an over allotment option of up to a further $3 million on the same terms.
Questerre anticipates the proceeds from this placement will finance its 10 to 15 well exploration drilling program in its new core area of Westlock including its commitments under its recently announced farm-in agreement with Apache Canada Inc. The proceeds will also be used for an anticipated exploration well in the St. Lawrence Lowlands, Quebec as well as in the Vulcan area later this year.
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