Quest to raise $2.5m through entitlements issue

By Harry Roy Gunawan

ASX-listed Quest Petroleum NL (Company) is pleased to announce a non‐renounceable entitlement issue on the basis of one (1) Share for every six (6) Shares held together with one (1) free attaching Option for every two (2) new Shares issued (Options) at an issue price of 0.6 cents per Share (Entitlement Issue). The record date is as of shareholding registered at 5.00pm (WST) on 22 November 2012.

The number of Shares which will be issued under the Entitlement issue is 410,287,463 Shares to raise Australian Dollar (AUD) 2,461,725. The number of Options which will be issued under the Entitlement Issue is 205,143,732. The Options are free attaching options exercisable at 1.5 cents on or before 30 June 2016. The Company will apply for quotation of these Options.

The Entitlement Issue is fully underwritten by Canaccord Wealth Management and the Chairman, John (Gus) Simpson and the Managing Director Anthony Milewski has also sub‐underwritten part of the issue. In addition all Directors intend to take up their entitlement. The underwriting is subject to standard termination events.

The Entitlement Issue is part of a broader capital raising to raise AUD 5 million. The Company has recently completed a AUD 2.5 million placement to investors, which includes international and domestic institutions, on the same terms as the Entitlement Issue. The funds raised pursuant to the Entitlement Issue and placement will be used on the drilling program at the Company?s Ranau Projects in South Sumatra.

Editing by Benget Besalicto Tnb