Oilsands Quest Closes Upsized Non-Brokered Private Placement

Oilsands Quest has closed its previously-announced non-brokered private placement. The accredited institutional investors upsized their subscriptions from the previously announced 8.57 million shares at $1.05 per share to 9.71 million shares at the same price per share for gross proceeds of US $10.2 million to the Company.

The proceeds of the Offering will be used for funding the reservoir testing program at Axe Lake and general corporate purposes. Specific allocations of the proceeds have not been made at this time.