Oilsands Quest Extends Strategic Solicitation Timeline; Reopens Eagles Nest Sale Process; Receives Extension of NYSE Amex Listi
01 Março 2012 - 10:00AM
PR Newswire (Canada)
NYSE Amex: BQI CALGARY, March 1, 2012 /CNW/ - Oilsands Quest Inc.
("Oilsands Quest" or "the Company") is continuing to work to
restructure its affairs while under the protection of the
Companies' Creditors Arrangement Act (Canada) ("CCAA"), with the
assistance of a Monitor appointed by the Alberta Court of Queen's
Bench (the "Court"). With the approval and support of the Monitor,
Oilsands Quest has extended the deadline for offers under its
current Solicitation Process. As well, the Company is working to
reopen the sale process for the non-core Eagles Nest asset,
following a default on the agreed deposit by the purchaser.
Finally, Oilsands Quest has been granted an extension until May 18,
2012 to regain compliance with the listing standards of the NYSE
Amex. Oilsands Quest is currently conducting a Court-approved
process to solicit offers to acquire, restructure or recapitalize
the Company (the "Solicitation Process"), assisted by its financial
advisor, TD Securities Inc. Binding offers under this process were
originally due in March 2012. Several confidentiality agreements
have now been signed with interested parties. Given the interest in
the data room and the time required for potential purchasers to
conduct their due diligence, Oilsands Quest is extending the
deadline for offers under the process to April 27, 2012. In a
development unrelated to the Solicitation Process, Oilsands Quest
is working with the Monitor to reopen the sale process for its
Eagles Nest asset. As previously announced, FAMA Capital Ltd.
("FAMA") had signed a Purchase and Sale Agreement, approved by the
Court, to buy the asset for CDN$7.0 million, with a deposit of
CDN$400,000 due February 24, 2012. However, FAMA did not make the
deposit and the agreement was terminated. The details of the new
sale process are still being finalized. Further to previous
disclosure, Oilsands Quest received notice on February 24, 2012
from the staff of the NYSE Amex LLC (the "Exchange") that the
Company remains out of compliance with certain of the Exchange's
continued listing standards as set forth in Part 10 of the
Exchange's Company Guide. Specifically, the Exchange noted that the
Company is not in compliance with Section 1003(a)(iv) of the
Company Guide because the Company has sustained losses which are so
substantial in relation to the Company's overall operations or its
existing financial resources, or its financial condition has become
so impaired that it appears questionable, in the opinion of the
Exchange, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature. The Company
was afforded the opportunity to submit a plan of compliance to the
Exchange and on February 14, 2012 presented its most recent plan to
the Exchange. In its letter of February 24, 2012, the Exchange
notified Oilsands Quest that it accepted the Company's plan of
compliance and granted the Company an extension until May 18, 2012
to regain compliance with the continued listing standards. The
Company will be subject to periodic review by Exchange Staff during
the extension period. Failure to make progress consistent with the
plan or to regain compliance with the continued listing standards
by the end of the extension period could result in the Company
being delisted from the NYSE Amex. Trading in the common shares of
Oilsands Quest remains suspended while the NYSE Amex determines
whether to resume trading or to delist the Company for failure to
meet listing requirements. About Oilsands Quest Oilsands Quest Inc.
(www.oilsandsquest.com) is exploring and developing oil sands
permits and licences, located in Saskatchewan and Alberta, and
developing Saskatchewan's first commercial oil sands discovery.
Forward-looking statements This news release includes certain
statements that may be deemed to be "forward-looking statements."
All statements, other than statements of historical facts, included
in this news release that address activities, events or
developments that management expects, believes or anticipates will
or may occur in the future are forward-looking statements.
Forward-looking statements are statements other than relating to
historical fact and are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate",
"estimate", "potential", "prospective" and other similar words or
statements that certain events or conditions "may" "will" or
"could" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
statements, which include but are not limited to the ability to
raise additional capital, risks associated with the Company's
ability to implement its business plan, its ability to successfully
submit a timely plan to its stakeholders and the court under the
CCAA and to resolve its operational, legal and financial
difficulties, the possible delisting of its securities from NYSE
Amex, risks inherent in the oil sands industry, regulatory and
economic risks, land tenure risks and those factors listed under
the caption "Risk Factors" in the Company's Form 10-Q filed with
the Securities and Exchange Commission on December 9, 2011. The
Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change, except as required by law. The reader is cautioned
not to place undue reliance on forward-looking statements. Oilsands
Quest Inc. CONTACT: Investor RelationsEmail:
ir@oilsandsquest.comInvestor Line: 1-877-718-8941
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