ONTARIO - Toronto-based Queenston Mining has made an offering of 3.0 million flow-through shares at a price of $6.70 per share to raise $20.1 million. The additional money will bring the company's working capital to approximately $90.0 million and will be used for exploration of the company's gold projects near Kirkland Lake.
Late last month, Agnico-Eagle Mines made a $35-million investment in Queenston by way of a non-brokered private placement. Those funds and the flow-through offering will be used to advance Queenston's four gold properties - Upper Beaver, Anoki-McBean, Upper Canada and Amalgamated Kirkland (AK). With the exception of AK, they are past producers. The Upper Canada site has been chosen as the location of the mineral processing plant.
Details of the projects are available at www.Queenston.ca.