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| BQI > SEC Filings for BQI > Form 8-K on 7-Oct-2008 | All Recent SEC Filings |
7-Oct-2008
Unregistered Sale of Equity Securities, Other Events, Financial Statements and
On October 3, 2008 Oilsands Quest Inc. (the "Company") closed on the sale of its previously announced non-brokered private placement of flow-through shares with UTA Asset Management Corporation ("UTA"). The Company issued 6,008,156 shares of common stock on a flow-through basis (the "Flow-Through Shares") at a price of CDN$3.675 per share to funds managed by or affiliated with UTA (5,142,857 Flow-Through Shares) and to affiliates and employees of the Company (865,299 Flow-Through Shares) for aggregate gross proceeds of CDN$22.1 million (the "UTA Private Placement").
Additionally, on October 3, 2008, the Company closed on the sale of its previously announced private placement with a syndicate of underwriters on a bought deal basis (the "Brokered Private Placement"). 4,800,000 common shares on a flow-through basis were issued to investors at a price of CDN$3.675 per share for total gross proceeds to the Company of CDN$17.6 million. The Brokered Private Placement was made by a syndicate of underwriters brokered by TD Securities Inc. and included Genuity Capital Markets, CIBC World Markets Inc., Canaccord Capital Corporation, Dundee Securities Corporation and RBC Capital Markets (the "Underwriters"). In connection with the Brokered Private Placement, the Company paid an aggregate of CDN$970,200 in fees to the Underwriters.
The common stock in the UTA Private Placement and the Brokered Private Placement (the "Offerings") was sold to non U.S. persons pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The shares of common stock sold in the Offerings have not been registered under the Securities Act and may not be offered or sold absent a registration statement or an applicable exemption from registration.
On October 3, 2008 the Company issued a press release announcing the closing of the UTA Private Placement. The press release is filed as Exhibit 99.1 to this report and is incorporated by reference herein.
On October 3, 2008 the Company issued a press release announcing the closing of the Brokered Private Placement. The press release is filed as Exhibit 99.2 to this report and is incorporated by reference herein.
(d) Exhibits.
99.1 Press Release dated October 3, 2008.
99.2 Press Release dated October 3, 2008.
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