Queenston Mining Inc. has completed its previously announced private placement financing of 3.33 million flow-through common shares at a price of $7.50 per share for proceeds of approximately $25 million.
Queenston Mining Inc. has completed its previously announced private placement financing of 3.33 million flow-through common shares at a price of $7.50 per share for proceeds of approximately $25 million. The company now has cash of approximately $90 million. The proceeds from the financing will be used to continue exploration on its primary gold assets located in the Kirkland Lake area. In 2010, Queenston entered into a strategic alliance with Agnico-Eagle Mines with the objective of advancing its 100 per cent owned gold projects (Upper Beaver, Upper Canada, McBean, Anoki and Bidgood) at the Kirkland East project towards feasibility and ultimately production. It is completing a fiscal 2011 exploration budget of $25 million and intends to maintain this level of expenditure in 2012.
.jpeg;w=120;h=80;mode=crop)
