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

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LAS PINAS CITY, Philippines, Dec. 23, 2021 (GLOBE NEWSWIRE) — Queensberry Mining and Development Corp. (“ Queensberry ”) is pleased to announce that it acquired 37,160,039 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 upon the conversion of approximately CAD$2,046,206.63 of debt owed by SAU to Queensberry (the “ Debt Conversion ”) at a deemed price of CAD$0.055065 per Share. The Debt Conversion closed on December 9, 2021.

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Queensberry acquired 37,160,039 Shares representing approximately 4.66% of the issued and outstanding Shares (on a non-diluted basis). Immediately prior to the Debt Conversion, Queensberry owned 288,676,859 Shares (approximately 36.22% of the issued and outstanding Shares). Immediately following the debt conversion, Queensberry owns 325,836,898 Shares (approximately 38.94% 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 0.03% of the issued and outstanding Shares).

The Shares were acquired as part of the Debt Conversion at a deemed price of CAD$0.055065 per Share for an aggregate price of CAD$2,046,206.63. 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 Jo Marie Lazaro-Lim at (+632) 32263552 local 0046. SAU’s head office is located at 5 ^th Flr, Pryce Tower, H.P. Laurel Ave., Bajada, Davao City, Philippines, 8000. SAU is listed on the Toronto Stock Exchange under the symbol “SAU”.