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Questerre Energy Announces Successful Private Placement

Source: www.gulfoilandgas.com 9/29/2017, Location: North America

Questerre Energy Corporation (Questerre) is pleased to announce that its private placement of up to 34.9 million Common Shares (the "Private Placement") has been over-subscribed at a price of 5.70 NOK or C$0.89 per Common Share. Gross proceeds are estimated at 198.9 million NOK or approximately C$31 million.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "This placement was important to strengthen our financial position. We will fully participate in the development of Kakwa as a future source of capital for Quebec. It also allows us to work on our Quebec Clean Gas initiative over the next year in advance of our planned pilots in the Lowlands."

Closing of the Private Placement is subject to receipt of all requisite approvals, including the approval by the Toronto Stock Exchange. The Common Shares issued are subject to certain resale restrictions in Canada and cannot be traded in Canada or to the benefit of a Canadian resident for four months and a day from the distribution date. The Private Placement is completed in reliance on exemptions from the Prospectus Directive (Directive 2003/71 EC as amended by Directive 2010/73 EU). The Common Shares issued under the Private Placement will be tradeable on the Oslo Stock Exchange (OSE) from delivery to subscribers.

The Company notes that the Board has diligently considered issues related to equal treatment arising from the execution of the Private Placement, hereunder the OSE's rules on equal treatment. The Board strongly believes that the fund raising carried out in the Private Placement is in the common interest of the Company and its shareholders and believes that the deviation from the principle of equal treatment has been made on a rational and justifiable basis, amongst others on the basis of the following factors: the pricing through an accelerated book building process reflecting the market price; favorable sentiment for fundraising and the need to strengthen the investor base with institutional investors. Based on the above, the Board has decided that it will not carry out a subsequent repair offering towards investors not participating in the Private Placement.

The Company anticipates there will be 384,832,034 Common Shares issued and outstanding upon closing of the Private Placement.

Arctic Securities AS, Pareto Securities AS and Sparbank 1 Markets AS were appointed as managers and bookrunners in connection with the Private Placement.

Questerre is leveraging its expertise gained through early exposure to shale and other non-conventional reservoirs. The Company has base production and reserves in the tight oil Bakken/Torquay of southeast Saskatchewan. It is bringing on production from its lands in the heart of the high-liquids Montney shale fairway. It is a leader on social license to operate issues for its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec. It is pursuing oil shale projects with the aim of commercially developing these significant resources.

Questerre is a believer that the future success of the oil and gas industry depends on a balance of economics, environment and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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