RE: QEC HALTEDIt's a PP;
Questerre arranges private placement for Utica
Ticker Symbol: C:QEC
Questerre arranges private placement for Utica
Questerre Energy Corp (C:QEC)
Shares Issued 199,722,143
Last Close 2/26/2010 $4.68
Monday March 01 2010 - News Release
Ms. Anela Dido reports
QUESTERRE ANNOUNCES PROPOSED PRIVATE PLACEMENT
Questerre Energy Corp. intends to complete a private placement directed toward Norwegian and international institutional and accredited investors.
The placement will consist of the issuance of between 20 million and 30 million Common Shares of the Company. The placement will be priced in the context of the market and will be carried out through a book building process that will close no later than 08:30 (CET) on March 2, 2010 or earlier at the Company's discretion. The minimum subscription and allocation is shares with an aggregate purchase price equivalent to EUR 110,000. The result of the placement will be announced prior to start of stock exchange trading on Oslo Bors on March 2, 2010. The placement is subject to receipt of all requisite approvals.
Pareto Securities AS, DnB NOR Markets and Arctic Securities ASA have been appointed as the Company's financial advisors in connection with this placement.
The Company proposes to use the net proceeds from this placement to fund the continued assessment of the Utica shale gas discovery in the St. Lawrence Lowlands, Quebec.
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