They will not sell below this. They would probably have 100%
Calgary, Alberta -- Questerre Energy Corporation ("Questerre" or the "Company") (TSX,OSE:QEC) reported today that it has closed the Norwegian tranche of its previously announced equity offering.
The total offering consisted of two tranches of 19,972,000 and 10,028,000 common shares of the Company to be completed in each of Norway and Canada respectively.
A total of 19,972,000 common shares were issued in Norway at 24.50 NOK (C$4.30) per common share for gross proceeds of 489 million NOK or C$85.88 million. The placement was more than two times oversubscribed and placed primarily with institutional and accredited investors. Pareto Securities AS, DnB NOR Markets and Arctic Securities ASA were appointed as the Company's financial advisors for the Norwegian tranche of this issue.
Subject to the filing and receipt of the final prospectus by the securities regulators in Canada, Questerre expects the Canadian tranche to close in mid-March.
The Company plans to use the net proceeds from this equity issue to fund the continued assessment of the Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
Questerre Energy Corporation is an independent energy company focused on shale gas in North America. The Company is concentrated on establishing commerciality of its Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
