-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DLU+RpSsulbgss907cVVgWh88QquM/McV/tGbLQNpIUaDOACGAWpMKyyGN6vee4A Le2o5OqRN7i053HxiUr/Tg== 0000950142-10-000774.txt : 20100505 0000950142-10-000774.hdr.sgml : 20100505 20100505145606 ACCESSION NUMBER: 0000950142-10-000774 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100429 ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100505 DATE AS OF CHANGE: 20100505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Oilsands Quest Inc CENTRAL INDEX KEY: 0001096791 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS METAL ORES [1090] IRS NUMBER: 980461154 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32994 FILM NUMBER: 10801315 BUSINESS ADDRESS: STREET 1: 800, 326 - 11TH AVENUE S.W. CITY: CALGARY STATE: A0 ZIP: T2R 0C5 BUSINESS PHONE: 4032631623 MAIL ADDRESS: STREET 1: 800, 326 - 11TH AVENUE S.W. CITY: CALGARY STATE: A0 ZIP: T2R 0C5 FORMER COMPANY: FORMER CONFORMED NAME: CANWEST PETROLEUM CORP DATE OF NAME CHANGE: 20050318 FORMER COMPANY: FORMER CONFORMED NAME: URANIUM POWER CORP DATE OF NAME CHANGE: 19991013 8-K 1 form8k_042910.htm CURRENT REPORT form8k_042910.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 29, 2010

Oilsands Quest Inc.

(Exact name of registrant as specified in its charter)


         
Colorado
  
001-32994
  
98-0461154
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)

     
800, 326— 11th Avenue SW
Calgary, Alberta, Canada
  

T2R 0C5
(Address of principal executive offices)
  
(Zip Code)


Registrant’s telephone number, including area code (403) 263-1623

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
 
 
 

Item 3.02           Unregistered Sales of Equity Securities.
 
On April 29, 2010, Oilsands Quest Inc. (the “Company”) entered into non-brokered private placement financing agreements with certain investors (the “Investors”) who have agreed to purchase an aggregate of 9,188,059 shares of Oilsands Quest common stock, par value $0.001 (the “Shares”), at a price of US$0.85 per share, and an aggregate of 10,500,000 Shares on a flow-through basis (the “Flow-Through Shares” and, together with the Shares, the “Securities”) at a price of US$0.995 per share, for total gross proceeds to the Company of approximately US$18.3 million (the “Offering”).  Closing is expected to occur on or about May 10, 2010, and is contingent on receiving approval from the NYSE Amex and the delivery of customary closing documents.
 
The Offering was made to the Investors in a private placement transaction in reliance on the exemption from registration provided in Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”) and Rule 506 of Regulation D promulgated thereunder, and in offshore transactions pursuant to Regulation S promulgated thereunder.  The offer and sale of the Securities does not involve a public offering and is being and will be made without general solicitation or advertising.  Each of the Investors will have represented to the Company, among other things, that it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act, and that it is acquiring the Securities for investment purposes only and not with a view to, or for resale in con nection with, any distribution thereof, or that it is a “non U.S. person” as defined by Regulation S promulgated under the Securities Act.  Certificates representing the Securities issued in connection with the Offering will contain appropriate legends to reflect the restrictions on transfer imposed by the Securities Act.
 
Item 8.01.         Other Events.
 
On April 30, 2010, the Company issued a press release announcing the Offering described in Item 3.02.  A copy of the press release is attached as Exhibit 99.1.
 
Item 9.01.         Financial Statements and Exhibits.
 
(d)   Exhibits.
 
99.1                 Press Release dated April 30, 2010
 

 

 
 
 


SIGNATURES
     
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 Date: May 5, 2010 
 Oilsands Quest Inc.
 (Registrant)
 
  
       
 
By:
/s/ Garth Wong  
    Name:  Garth Wong   
    Title:    Chief Financial Officer  
       

    


 
 
 

EXHIBIT INDEX

Exhibit No.                       Description

99.1                      Press Release dated April 30, 2010
 


 EX-99.1 2 ex99-1form8k_042910.htm PRESS RELEASE ex99-1form8k_042910.htm

company logo
 
 
 
 
CUSIP# 678046 10 3
Amex: BQI


NEWS RELEASE

Date: April 30, 2010

Oilsands Quest announces private placement of $18.2 million in
Flow-Through and Common Shares

Calgary, Alberta -- Oilsands Quest Inc. (NYSE Amex: BQI) announced today that it has entered into non-brokered private placement financing agreements (the “Offering”) with institutional shareholders for flow-through common shares and common shares.
 
Oilsands Quest has agreed to issue 10.5 million common shares on a flow-through basis ("Flow-Through Shares"). The Flow-Through shares will be issued to investors at a price of CDN$1.00 (US$ 0.995) per share, for total gross proceeds to Oilsands Quest of approximately CDN$10.5 million.
 
The Flow-Through Shares will be issued to investors in Canada pursuant to certain exemptions from the registration requirements under U.S. securities laws and from the prospectus and registration requirements under Canadian securities laws.
 
Oilsands Quest has also agreed to issue 9.2 million common shares ("Common Shares") at a price of US$0.85 per share for total gross proceeds to Oilsands Quest of approximately US$7.8 million. The Common Shares will be issued on a private placement basis pursuant to certain exemptions from the registration requirements under U.S. Securities laws and from the prospectus and registration requirements under Canadian Securities laws.
 
The Flow-Through Shares and Common Shares issued pursuant to the Offering have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States or to U.S. persons (as such term is defined in Regulation S under the Securities Act) absent a registration statement or an applicable exemption from registration. The Offering is expected to close on or about May 10, 2010 and is subject to stock exchange approval and the completion of definitive documentation.
 
The proceeds from the Offering will be used to meet Oilsands Quest's work commitments on its existing oil sands leases and to conduct initial engineering, drilling and construction to prepare for a planned SAGD test at Test Site 1 later in 2010.
 
This notice is not an offer to sell or a solicitation of an offer to buy such securities and is issued pursuant to Rule 135c under the Securities Act of 1933.
 
 
 
   Page  1 of  2

 
 
 
 


 
company logo
 
 
 
 
CUSIP# 678046 10 3
Amex: BQI

 

 
About Oilsands Quest
 
Oilsands Quest Inc. (www.oilsandsquest.com) is developing Saskatchewan’s first global-scale oil sands discovery at Axe Lake, while exploring one of Canada's largest holdings of contiguous oil sands permits and licenses, located in Saskatchewan and Alberta. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.
 
Forward-looking Information

This news release contains certain “forward-looking information” within the meaning of applicable securities law including statements regarding the completion of the Offering and the Company's expected use of proceeds of the Offering. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Annual Report on Form 10K for the year ended April 30, 2009, and subsequent quarterly reports on Form 10Q availab le on www.sedar.com and www.edgar.com.  The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, unless required by law.  The reader is cautioned not to place undue reliance on forward-looking statements.
 
For more information contact:
 
Riyaz Mulji
Manager, Investor Relations
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941
 






 
   Page  2 of  2
 

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