Oilsands Quest secures up to $12 million in equity financing
CALGARY, Oct. 17, 2011 /PRNewswire/ - Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest," "OQI" or "the Company") has entered into a $12 million securities purchase agreement with Socius CG II, Ltd., a subsidiary of Socius Capital Group ("Socius"). This financing ensures the Company's near-term liquidity while it pursues the planned sale of the Wallace Creek asset, prepares to advance the Axe Lake pilot project, and continues to assess strategic partnerships and longer-term development plans.