Questerre Energy Corporation reported that it has closed its previously announced Canadian offering for gross proceeds of $35.25 million.
The offering consisted of the issuance of 7.5 million common shares at $4.70 per common share. A syndicate of underwriters led by Dundee Securities Corporation and including Desjardin Securities Inc., National Bank Financial Inc., Fraser Mackenzie Limited, Wellington West Capital Markets Inc., Maison Placements Canada Inc., and Canaccord Capital Corporation conducted the offering. The syndicate has been granted an over allotment option to purchase an additional 1.125 million common shares at $4.70 per common share expiring July 9, 2008.
This Canadian tranche in conjunction with the Norwegian tranche completed last week resulted in the issuance of a total of 15 million common shares at $4.70 per common share for gross proceeds of approximately $70.50 million.
Questerre also reported on the results from its annual and special meeting of shareholders held on June 9, 2008. Votes representing approximately 35% of the issued and outstanding common shares were present in person or by proxy. All resolutions set forth before the shareholders were approved with the requisite majority.
Messrs. Tom Landry Jr. and Jed Wood did not stand for re-election to the Board of Directors for the coming year. Mr. Landry has been a director since 2001 and Mr. Wood has been a director since 2003. Both directors have been tremendous supporters of the Company through its start up phase. Questerre would like to thank them for the contributions during their tenure on the Board and wishes them the best in their future endeavors. The Board currently consists of six members: Les Beddoes, Jr., Michael Binnion, Russ Hammond, David Mallory, Peder Paus and Bjorn Inge Tonnessen.
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