Thursday 27th October 2016

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Queenston announces $35M Private Placement with Agnico-Eagle

Queenston Mining Inc QMI:CA announced that Agnico-Eagle Mines Limited AEM:CA has entered into a subscription agreement with Queenston by way of a non-brokered private placement. Agnico-Eagle will purchase a total of 6,603,774 units at $5.30 per, for proceeds to Queenston of $35 million in cash. As a result of the private placement Agnico-Eagle will own 8.83% of Queenston’s issued and outstanding shares and 11.47% on a fully diluted basis. Additionally Queenston and Agnico-Eagle will enter a technical services agreement that will provide Queenston access to Agnico-Eagle’s geological and engineering mining team. Upon completion of the investment Queenston’s cash position will be approximately $70 million.

Queenston President/CEO Charles Page commented, “We are very pleased with this investment from Agnico-Eagle, a company which has proven expertise in the development of both underground and open-pit mines. Proceeds from the private placement combined with the assistance of the Agnico-Eagle team provide Queenston the opportunity to advance our projects towards the development stage.”

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Queenston Mining Inc
Charles Page
416.364.0001 ext. 224

or Investor Relations

by Ted Niles

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