HSK and Joutel shuffle Queenston Gold assets

Toronto-based HSK Minerals (TSE) and Joutel Resources (TSE) have signed an agreement in which HSK will buy two million common shares of Queenston Gold Mines (TSE) from Joutel.

In return, Joutel will receive seven million HSK common shares. When the transaction is complete, Joutel will hold 46% of HSK’s issued and outstanding shares. HSK will increase its stake in Queenston to four million from two million Queenston shares representing a 36% interest.

The transaction is subject to an independent fairness opinion provided by First Marathon Securities of Toronto and all requisite regulatory approvals by HSK and Joutel.