A group of Canadian investors has negotiated a private placement in Queenston Mining (TSE).
The financing consists of one million units at 80 cents each. The units consist of one share and one warrant entitling the investor to buy an additional share at $1.15 each, over 18 months.
Proceeds of $750,000 will be added to working capital.
Later this year, Queenston will begin drilling its Vigrass and Pawnee gold properties near Kirkland Lake, Ont.
In other news, Cyprus Amax Minerals (NYSE) is completing a 10,000-ft. drill program on Queenston’s Kirkland Lake West property. Cyprus will then move two drills onto Queenston’s Amalgamated Kirkland property and undertake a 15,000-ft. program to test the up- and down-plunge extensions of the Cyprus zone.
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