For Immediate Release 31 May, 2006
QuestAir Closes CDN$20 Million Public Equity Offering
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES
OR TO ANY UNITED STATES NEWS SERVICES.
VANCOUVER, B.C. – QuestAir Technologies Inc. (AIM: QAR; TSX: QAR)
(“QuestAir” or the “Company”) is pleased to announce that it has closed its offering of
shares announced on 3 May 2006, raising gross proceeds of CDN $20,000,250
(£9,481,600). Clarus Securities Inc. and Canaccord Capit al Corporation (the “Agents”) as
lead managers and joint bookrunners placed 14,815,000 common shares from treasury at
a price of CDN$1.35 (£0.64) per common share. The Company has also granted the
Agents an over-allotment option to purchase up to an additional 2,222,250 shares
exercisable for 30 days from closing. The 14,815,000 common shares issued in
connection with the offering are listed on the Toronto Stock Exchange and have been
admitted to trading on the AIM market of the London Stock Exchange today.
Proceeds from this offering will be used to finance the ongoing development and
commercialization of the Company’s proprietary gas purification technology, and for
general working capital.
As part of the offering, four directors of QuestAir purchased shares in the Company at the
offering price of CDN $1.35 per share:
- Harold Copping purchased 10,000 common shares, taking his beneficial ownership to
25,000 common shares of the Company.
- Michael Rosenberg purchased 9,333 common shares, and has a total direct and
beneficial holding of the same.
- John Shakeshaft purchased 16,000 common shares and has a total holding of the
same.
- Sherry Tryssenaar, also Chief Financial Officer of QuestAir, purchased 18,500
common shares and has a total holding of the same.
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In addition, as part of the offering Shell Hydrogen Projects B.V. (“Shell Hydrogen”)
purchased 740,800 common shares in the Company at the offering price of CDN $1.35
per share, bringing Shell Hydrogen’s total holding in QuestAir to 7,141,252 common
shares.
Disclosure of the directors’ and Shell Hydrogen’s share purchases is made pursuant to the
rules governing the operation of AIM as established by the London Stock Exchange Plc.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which such offer, solicitation or
sale would be unlawful. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an exemption from the registration requirements.
About QuestAir Technologies Inc.
QuestAir Technologies, Inc. is a developer and supplier of proprietary gas purification systems for several large international markets, including existing markets such as oil refining, biogas production and natural gas processing, and emerging markets such as fuel cell power plants and fuel cell vehicle refuelling stations. The Company has joint development agreements with Exxon Mobil Research and Engineering Company and Shell Hydrogen, and a collaboration with FuelCell Energy. QuestAir is based in Burnaby, British Columbia and its shares trade on the AIM Market of the London Stock Exchange Plc. and on the Toronto Stock Exchange under the symbol “QAR”.
Certain statements in this press release may constitute ‘‘forward-looking’’ statements
which involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. When used in this press
release, such statements use such words as “anticipate”, “believe”, “plan”, “estimate”,
“expect”, “intend”, ‘‘may’’, ‘‘will’’ and other similar terminology. These statements
reflect current expectations regarding future events and operating performance and speak
only as of the date of this press release. Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether or not such results will be
achieved. A number of factors could cause actual results to differ materially from the
results discussed in the forward-looking statements.
For further information, please contact:
QuestAir Technologies Inc.
Andrew Hall
Director, Corporate Development and External Communications
Phone: (001) 604-453-6967
Email: hall@questairinc.com
Web: www.questairinc.com
UK media contact:
Charles Ryland
Ben Willey
Eleanor Williamson
Buchanan Communications
Phone: +44 207 466 5000
Canadian media contact:
Terry Foster
James Hoggan & Associates
Phone: (001) 604-739-7500
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