Commodity Quest’s subsidiaries in April completed an issuance of 240,000 shares in order to improve the company’s position and key towards the new bank facility. Commodity Quest participated by setting off the debts and interest amounting to 947,500 USD and proceeds of 102,500 USD.
After the transaction, the ownership of the Benchmark Oil & Gas has increased from 64% to 68.4%. The number of shares in the Benchmark Oil & Gas after the issue amounts to 1,240,000 pcs of which Commodity Quest owns 850,000 shares.
In addition Commodity Quest has a partner at Benchmark Oil & Gas participated in the issue which provided the company with a further 150,000 USD.