Queenston arranges placement in Western Copper

Queenston Mining (QMI-T) has sold 200,000 shares of Western Copper Holdings (WTC-T) at $7.25 each and, subject to regulatory approval, has arranged to purchase a 200,000-unit private placement at $7.20 per unit.

Each unit will consist of one common share of Western Copper and one-half of a share-purchase warrant. Each warrant will entitle Queenston to purchase an additional share at $9.20 for a period of two years.

Following the closing of the private placement, Queenston will hold 535,000 Western Copper shares, 315,000 share purchase warrants exercisable at $2.20 per share until Dec. 9, 1998 and 100,000 share-purchase warrants exercisable at $9.20 per share until June 2000.

Western Copper holds a 45% interest in the El Salvador property in Mexico’s Zacatecas state, which includes the San Nicolas polymetallic massive sulphide deposit.