Brokered offering with C$2.5 million greenshoe funds gold exploration
By Devika Patel
Knoxville, Tenn., Sept. 13 - Queenston Mining Inc. said it will conduct a C$22.5 million private placement of stock. There is a C$2.5 million greenshoe.
The company will sell 3 million flow-through shares at C$7.50 apiece, a 12.78% premium to the Sept. 12 closing share price of C$6.65.
The deal will be conducted by a syndicate of agents led by Primary Capital Inc. and including Dundee Securities Ltd., Stifel Nicolaus Canada Inc. and Stonecap Securities.
Settlement is expected Sept. 27.
Proceeds will increase Queenston's working capital to about C$85 million and will be used to continue the company's high level exploration and development of gold projects in Kirkland Lake, Ont.
Toronto-based Queenston is a gold exploration company.
| Issuer: | Queenston Mining Inc.
|
| Issue: | Flow-through stock
|
| Amount: | C$22.5 million
|
| Greenshoe: | C$2.5 million
|
| Shares: | 3 million
|
| Price: | C$7.50
|
| Warrants: | No
|
| Agents: | Primary Capital Inc. (lead), Dundee Securities Ltd., Stifel Nicolaus Canada Inc. and Stonecap Securities
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 27
|
| Stock symbol: | Toronto: QMI
|
| Stock price: | C$6.65 at close Sept. 12
|
| Market capitalization: | C$510.62 million
|
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