Business
Questerre announces flow-through unit private placement
Questerre announces flow-through unit private placement Questerre announces flow-t...
About this update from Questerre Energy Corporation Class A
[{"type":"text","content":"\n\n\n\nQuesterre announces flow-through unit private placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nQuesterre announces flow-through unit private placement\nCanada NewsWire\nCALGARY, July 18, 2016\n\n\n\nCALGARY, July 18, 2016 /CNW/ - Questerre Energy Corporation (\"Questerre\" or the \"Company\") (TSX,OSE:QEC) is pleased to announce that it intends to complete a private placement of flow-through units of the Company.\n\nThe Company plans to issue up to 17.6 million flow-through units at a price of $0.18 per unit for estimated gross proceeds of $3.17 million (the \"Flow-Through Placement\"). Each flow-through unit will consist of one Common Share issued on \"flow-through\" basis (\"CDE Flow-Through Share\") and one-half of one non-flow-through share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow-through Common Share at a price of $0.20 for a period of 18 months from closing. It is anticipated that an aggregate of 15.17 million flow-through units or 86% of the Flow-Through Placement will be subscribed for primarily by two directors, one of whom is the Chief Executive Officer who plans to acquire approximately 14.76 million Flow-Through Units, of which approximately 72% of such securities are anticipated to be vended to independent third parties following closing. Closing of the Flow-Through Placement is scheduled for on or around July 25, 2016.\n\nThe Flow-Through Placement is subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange (\"TSX\") and Oslo Bors (\"OSE\"). The CDE Flow-Through Shares will be subject to a statutory hold period on the TSX of four months plus one day from the closing date of the Flow-Through Placement. \n\nThe gross proceeds of the Flow-Through Placement will be used by the Company, pursuant to the provisions of the Income Tax Act (Canada), to incur eligible Canadian development expenses (\"Qualifying Expenditures\") after the closing date and prior to December 31, 2016 on Questerre's properties. The Company will renounce the Qualifying Expend...