Financial Wire

Queen's Road Capital Raising $23 Million in a Private Placement of Shares

-- Queen's Road Capital Investment (QRC.TO) on Wednesday said it will raise up to $23 million from a non-brokered private placement of shares.

The company said it will look to place 1.48-million shares priced at $15.50 each..

Proceeds will be used to fund additional investments "in accordance with the company's investment policy".

"This private placement gives us the opportunity to welcome new long-term, supportive institutional shareholders to our register as we embark on the next growth phase of QRC," said chief executive Warren Gilman. "The added diversification of our shareholder base should result in an increase in the liquidity of the shares which will benefit all shareholders."

The company's shares last traded Tuesday, closing at $16.25 on the Toronto Stock Exchange.

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