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Questerre closes $4.75 million flow-through private placement
Questerre closes $4.75 million flow-through private placement Questerre closes $4....
About this update from Questerre Energy Corporation Class A
[{"type":"text","content":"\n\n\n\nQuesterre closes $4.75 million flow-through 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 closes $4.75 million flow-through private placement\nCanada NewsWire\nCALGARY, July 29, 2016\n\n\n\nCALGARY, July 29, 2016 /CNW/ - Questerre Energy Corporation (\"Questerre\" or the \"Company\") (TSX,OSE:QEC) is pleased to announce that it has increased the size of its previously announced flow-through placement from 17.6 million flow-through units to 26.39 million flow-through units and subsequently closed the offering for gross proceeds of approximately $4.75 million (the \"Flow-Through Placement\").\n\nPursuant to the Flow-Through Placement, the Company has issued 26.39 million flow-through units at a price of $0.18 per unit. Each flow-through unit consists 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. An aggregate of 13.87 million flow-through units or 53% of the Flow-Through Placement was subscribed by certain directors and officers of the Corporation, one of whom is the Chief Executive Officer who acquired approximately 13.45 million units. As previously reported, 9.25 million units or approximately 69% of such securities were vended to independent third parties following closing.\n\nThe 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, which hold period will expire on November 29, 2016.\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 Expenditures to subscribers of the Flow-Through Units for th...