CALGARY, Nov. 7, 2016 /CNW/ – Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) is pleased to announce that it has closed its previously reported private placement of 15.2 million Common Shares at NOK 3.00 or $0.49 per Common Share for gross proceeds of NOK 45.6 million or approximately $7.4 million (the “Private Placement”).
The Company intends to use the net proceeds to partially fund its capital investment program for 2017, repay indebtedness under its credit facilities and general working capital purposes.
Pareto Securities AS and Swedbank acted as managers and bookrunners in connection with the Private Placement.
Subsequent to the completion of the Private Placement, the Company will have 306,524,457 Common Shares outstanding.
Questerre Energy Corporation 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.