Oilsands Quest Inc

19 June 2012listing compliance notice▼ BadMajor

Oilsands Quest Inc's securities were notified for removal from listing and registration on its exchange.

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1 June 2012listing compliance notice▼ BadMajor

On June 1, 2012 the company applied to delist its shares from the NYSE MKT (the renamed NYSE Amex) and applied to list on the Canadian National Stock Exchange (CNSX), which would let shareholders trade again if approved; the company expects the delisting to take effect before the end of June 2012. This follows through on the possible delisting flagged in late 2011: the NYSE MKT had accepted a compliance plan with an extension to May 18, 2012, but the company had not regained compliance and was likely to be delisted. Trading remains halted, the CNSX listing is not assured, and the company remains under CCAA creditor protection with the TD Securities-assisted process to seek offers to acquire, restructure or recapitalize it still running, with no assurance of any transaction.

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28 Mar 2012material agreement● NeutralMajor

On March 26, 2012 the company and its subsidiaries signed a CDN$2.85 million debtor-in-possession loan with Century Services, L.P., at 16% interest, maturing March 26, 2013 or earlier if creditor protection ends; fees include a CDN$75,000 facility fee and a CDN$85,500 minimum interest fee. The press release says the Eagles Nest sale to Cavalier closed March 23, 2012 for CDN$7.005 million, and that a US court approved settlement of the Make a Difference Foundation v. Hopkins derivative lawsuit. Shares remain halted. The company continues under creditor protection with no plan reported.

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21 Mar 2012material agreement▲ GoodMajor

After Fama Capital defaulted, the company reopened the sale of the Eagles Nest asset and, on March 12, 2012, Township Petroleum agreed to sell it to Cavalier Energy Inc. for CDN$7,005,000, including a CDN$700,500 deposit already paid. The court approved the deal on March 15, 2012, and closing was expected by March 23, 2012. This replaces the failed Fama sale and brings in cash within the creditor-protection process.

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28 Feb 2012material agreement▼ BadMajor

The Alberta court approved on February 22, 2012 the sale of the Eagles Nest asset by subsidiary Township Petroleum to Fama Capital Ltd. for CDN$7,000,000, following a court-run bidding process in the CCAA case. However, the buyer did not pay the extra CDN$350,000 deposit due February 24, so the agreement terminated on February 27, 2012; only a CDN$50,000 deposit had been paid. The sale therefore did not go ahead on this agreement (note the filing's closing date of March 23 and the 2011 approval date are corrected in the next filing).

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5 Dec 2011bankruptcy or receivership▼ BadMajor

On November 29, 2011 the company and several subsidiaries (Oilsands Quest Sask, Township Petroleum, Stripper Energy Services, 1291329 Alberta, Oilsands Quest Technology) filed for creditor protection under Canada's CCAA, with Ernst & Young as court-appointed monitor and a 30-day stay of creditors. The company says this followed a third party's notice on November 28 that it could not meet the terms of its letter of intent to buy Wallace Creek. The Socius agreement of October 17, 2011 was terminated automatically. NYSE Amex halted trading in BQI and may delist it. The company says the effect on shareholders will not be known until the restructuring ends, and that receivership or bankruptcy is likely if a plan is not approved.

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19 Oct 2011capital raising announcement● NeutralMajor

On October 17, 2011 the company agreed with Socius CG II, Ltd. that, at its option over two years, it can require Socius to buy up to $12 million of redeemable Series C Preferred Stock in tranches. Socius also gets a warrant (initially $4.2 million divided by the closing bid price) and an additional investment right to buy common shares, plus commitment shares; Socius is capped at 9.99% ownership. This is another funding source after the July 2011 rights offering, and further share issuance would dilute existing holders. The filing mentions a letter of intent signed September 25, 2011 for sale of the Wallace Creek assets, which is excluded from the warrant's 'fundamental transaction' definition. Amounts actually drawn are not stated.

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19 Aug 2011listing compliance notice● NeutralMajor

Oilsands Quest Inc's exchange filed to remove a class of its securities from listing.

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22 July 2011material agreement▼ BadMajor

On July 18, 2011 (amended July 20) the company hired Knight Capital Americas as dealer manager for a rights offering of about US$60 million at US$0.20 per share, a 40% discount to the July 18 closing price. Holders of record on July 28, 2011 get 0.861 rights per share (300,000,000 rights in total); those who do not take part see their percentage ownership fall. The company says proceeds are for the Axe Lake SAGD pilot, the Wallace Creek project, the core hole re-abandonment program and general purposes. It also says it converted parts of the Axe Lake permits to 15-year leases (announced July 15, 2011) and that there is no assurance it can raise enough funds. Knight's fee is $1,425,000 if fully subscribed. Garth Wong now signs as President and CEO. Result of the offering is not reported here.

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