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Advantage Oil & Gas Completes Disposition of Non-Core Asset to Questfire
By: MT Newswires
Advantage Oil & Gas Ltd. ( AAV ) announced the closing of the previously announced transaction with Questfire Energy Corp. for the sale of substantially all of Advantage's remaining non-core assets. The consideration received by Advantage consisted of $40.2 million of cash, a $32.6 million Convertible Senior Secured Questfire Debenture and 1.5 million Class B Shares of Questfire.
The net cash proceeds from this transaction will be used to reduce outstanding bank indebtedness. Advantage retains an option to appoint two board members to the Board of Directors of Questfire.