Queensberry Mining and Development Corp. Acquires Additional Shares of St. Augustine Gold and Copper Limited

LAS PINHAS CITY, Philippines, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Queensberry Mining and Development Corp. ("Queensberry") is pleased to announce that it has acquired 82,841,658 common shares (the "Shares") of St. Augustine Gold and Copper Limited ("SAU") a Philippines based mineral exploration company focusing on the acquisition, exploration and evaluation of mineral properties. The Shares were acquired pursuant to a non-brokered private placement transaction (the "Private Placement") at a price of $0.046311119 per Share. The Private Placement closed on August 4, 2022.

Queensberry acquired 82,841,658 Shares representing approximately 9.9% of the issued and outstanding Shares (on a non-diluted basis). Immediately prior to the Private Placement, Queensberry owned 325,836,898 Shares (approximately 38.94% of the issued and outstanding Shares). As a result of the Private Placement, Queensberry has increased in ownership of Shares by 5.5% and now owns 408,678,556 Shares (approximately 44.44% of the issued and outstanding Shares). Queensberry's President and CEO, Manuel Paolo A. Villar, personally has ownership and control over an additional 218,500 Shares (approximately 0.02% of the issued and outstanding Shares).

The Shares were acquired at a price of $0.046311119 per Share for an aggregate price of $3,836,489.88. Queensberry holds Shares in SAU for investment purposes and may, from time to time, depending on market and other conditions, increase or decrease its holdings of Shares or other securities of SAU through market transactions, private agreements, treasury issuances or otherwise.

Queensberry's head office is located at 3^rd Floor, Star Mall Las Pinas, CV Starr Avenue, Philamlife Village, Pamplona, Las pinas City, Philippines. For further information please contact Erma M. Abalos at (+632) 7728-8491. SAU's head office is located at No. 21, Greenwood Lane, Singapore, 286949. SAU is listed on the Toronto Stock Exchange under the symbol "SAU".