Offering's proceeds will finance exploration-development gold projects
By Devika Patel
Knoxville, Tenn., Nov. 8 - Queenston Mining Inc. said it plans a private placement of stock.
The company will sell 3 million flow-through shares at C$6.70 apiece for C$20.1 million.
The price per share is a 14.53% premium to the Nov. 5 closing share price of C$5.85 and represents a 20% premium to the volume-weighted average price of the company over the last five trading days.
The deal will be conducted by a syndicate of agents led by Primary Capital Inc. and including Dundee Securities Corp., Cormark Securities Inc., GMP Securities LP and Macquarie Capital Markets Canada Ltd.
Settlement is expected Nov. 24.
Proceeds will increase the company's working capital to about C$90 million and will be used to continue its high level exploration-development gold projects in Kirkland Lake, Ont.
Toronto-based Queenston is a gold exploration company.
| Issuer: | Queenston Mining Inc.
|
| Issue: | Flow-through stock
|
| Amount: | C$20.1 million
|
| Shares: | 3 million
|
| Price: | C$6.70
|
| Warrants: | No
|
| Agent: | Primary Capital Inc. (lead), Dundee Securities Corp., Cormark Securities Inc., GMP Securities LP and Macquarie Capital Markets Canada Ltd.
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 24
|
| Stock symbol: | Toronto: QMI
|
| Stock price: | C$5.85 at close Nov. 5
|
| Market capitalization: | C$418.46 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
