Fairquest Energy Limited
TSX : FQE

Fairquest Energy Limited

June 28, 2005 12:25 ET

Fairquest Energy Closes Common Share Private Placement

CALGARY, ALBERTA--(CCNMatthews - June 28, 2005) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Fairquest Energy Limited (TSX:FQE) ("Fairquest") is pleased to announce that it has closed its previously announced private placement of 4,000,000 common shares at a price of $6.65 per share for gross proceeds of $26.6 million. The offering was co-led by Sprott Securities Inc. and GMP Securities Ltd. and included Canaccord Capital Corporation, Peters & Co. Limited and Raymond James Ltd. Proceeds from the issue will be used to assist in funding Fairquest's 2005 capital budget.

Fairquest is a newly created exploration focused company created on the reorganization of Fairborne Energy Ltd. which was completed on June 1, 2005.

The common shares offered 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 applicable exemption from the registration requirement.

Contact Information

  • Fairquest Energy Limited
    Richard A. Walls
    President and Chief Executive Officer
    (403) 290-7754
    (403) 290-3216 (FAX)
    Email: rwalls@fairborne-energy.com
    or
    Fairquest Energy Limited
    Robert A. Maitland
    Vice President, Finance and Chief Financial Officer
    (403) 290-7755
    (403) 290-3216 (FAX)
    Email: rmaitland@fairborne-energy.com