EX-99.1 3 o55085exv99w1.htm EXHIBIT 99.1 exv99w1
Exhibit 99.1
     
(OILSANDS QUEST INC. LOGO)
  CUSIP# 678046 10 3
NYSE Amex: BQI
NEWS RELEASE
DATE: April 30, 2009
Oilsands Quest Inc. announces terms of previously announced offering
Calgary, Alberta — April 30, 2009 — Oilsands Quest Inc. (Amex: BQI) (the “Company”) announced today that it has priced its previously-announced marketed public offering (the “Offering”) of 30,500,000 units (“Units”). The offering of the Units has been priced at US$0.85 per Unit.
Each Unit will be comprised of one common share (“Share”) and one-half of a common share purchase warrant of the Company (“Warrant”) with each whole Warrant entitling the purchaser to purchase one Share of the Company for US$1.10 for a period of 24 months following closing of the Offering.
The Offering will be made by a syndicate of agents led by Genuity Capital Markets, TD Securities Inc. as well as Canaccord Capital Corporation, Dundee Securities Corporation and RBC Capital Markets Inc. (the “Agents”). The Company has agreed to grant the Agents an over-allotment option to purchase up to an additional 4,575,000 Shares and 2,287,500 Warrants pursuant to the Offering. The Agents may exercise the over-allotment option, in whole or in part, at any time up to 30 days from the closing of the Offering. The Offering is subject to certain conditions, including stock exchange approval.
The Company will use the funds to continue its testing activities at Test Sites 1 and 3, continue its exploration activities on its existing permits and licenses and for general corporate purposes. Specific allocations of the proceeds for such purposes have not been made at this time.
The Offering is expected to close on or about May 12, 2009.
A copy of the prospectus may be obtained from TD Securities (USA) LLC. in the United States and Genuity Capital Markets in Canada at the following addresses:
     
In the United States:
  In Canada:
TD Securities (USA) LLC
  Genuity Capital Markets
ATTN: Paula Kourian
  ATTN: Sandy Delaney
31 W. 52nd Street
  40 King St W, Suite 4900
New York, NY 10019
  PO Box 1007
 
  Toronto, Ontario M5H 3Y2
The Company has filed a registration statement, including a prospectus, (SEC File No. 333-147200) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company, any agent or any dealer participating in the offering will arrange to send you the prospectus if you request by calling toll-free 1-877-718-8941 or by emailing ir@oilsandsquest.com.
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(OILSANDS QUEST INC. LOGO)
  CUSIP# 678046 10 3
NYSE Amex: BQI
About Oilsands Quest
Oilsands Quest Inc. is exploring Canada’s largest holding of contiguous oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan’s first global-scale oil sands discovery. It is leading the establishment of the province of Saskatchewan’s emerging oil sands industry.
For more information:
Paul K. O’Donoghue, MBA
Vice President, Investor Relations and Corporate Planning
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941
Forward-looking information:
Forward-Looking Statements: This news release contains certain “forward-looking information” within the meaning of applicable securities law including statements regarding the Company’s expected use of proceeds of the Offering and the expected date of closing of the Offering. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “conceptual”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. 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. These factors include risks relating to the ability of the Company to complete the proposed equity financing as contemplated. 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, 2008, as amended. 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.
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