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Queenston Mining wraps up first portion of $17-million financing

Queenston Mining Inc. (TSE: QMI), which has a series of exploration projects in the Kirkland Lake camp, has completed the first $13-million portion of its previously announced $17-million financing.
Northern Ontario Business Staff

 
Queenston Mining Inc. (TSE: QMI), which has a series of exploration projects in the Kirkland Lake camp, has completed the first $13-million portion of its previously announced $17-million financing.

The second portion, worth $4 million, is scheduled to close by Oct. 1.

Initially, the financing was intended to raise a total of $14 million.

Once the financing is complete, the company will have cash resources in excess of $40 million. Proceeds from this financing will go towards Queenston's Kirkland Lake gold projects.

Queenston intends to return to production once more by advancing four fully-owned gold deposits, which include Upper Beaver, McBean, Anoki and Upper Canada. Five joint ventures with Kirkland Lake Gold Inc. (TSE: KGI) also factor into the company's plans.