Queen Street Entertainment Capital Inc. completes a US $1.1 million private placement and commences trading on the OTCQX market in the US

    TORONTO, June 15 /CNW/ - Queen Street Entertainment Capital Inc.
(TSXV:QE; OTCQX: QSETF) ("QE") is pleased to announce that, further to its
announcement of May 16, 2007, it has completed the second tranche (the "Second
Tranche")of the larger offering (the "Aggregate Offering") of Units and has
sold 2.0 million units (each a "Unit") at a price of US$0.33 per Unit for
aggregate gross proceeds of US$660,000. The Aggregate Offering is for a
maximum of 2,583,333 Units at a price of US$0.33 per Unit for aggregate gross
proceeds of a maximum of US$852,500. The completion of the 2.0 million units
represents an over subscription of 62,667 units or US$20,280.
    Each Unit consists of one common share of QE (each a "QE Share") and
one-half of one common share purchase warrant (each whole warrant, a
"Warrant"), each Warrant entitling the holder thereof to acquire one QE Share
upon payment of (i) US$0.43 per QE Share for the period commencing upon
closing and ending upon the first anniversary of closing, and (ii) US$0.50 per
QE Share for the period commencing upon the first business day following the
first anniversary of closing and ending on the second anniversary of closing.
    Gilford Securities Incorporated ("Gilford") acted as non-exclusive agent
for the Private Placement of the Aggregate Offering and received a cash
commission equal to 7% of the gross proceeds of the Second Tranche or
US$46,200. Gilford is also entitled to receive 150,600 broker warrants or 6%
of the number of Units sold and attributable to its efforts related to the
Aggregate Offering. Each broker warrant will have a term of two years and be
exercisable into one QE Share at an exercise price of US$0.33.
    All securities issued in connection with the First and Second Tranches of
the Offering are subject to a hold period extending until September 15, 2007
and October 16, 2007, respectively. The Offering remains subject to the
approval of the TSX Venture Exchange.
    In addition, the Company has commenced trading on the OTCQX in the US
under the trading symbol "QSETF" effective June 13, 2007.
    Additional information regarding the business of QE may be found filed on
SEDAR at www.sedar.com. Or on the companies website
    These securities have not been registered under the U.S. Securities Act
of 1933, as amended, and may not be offered, sold or resold in the United
States or to a U.S. person absent registration or an applicable exemption from
the registration requirements.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release or the
    information contained herein.

For further information:

For further information: Queen Street Entertainment Capital Inc., Leif
Bristow, President and Chief Executive Officer, (tel) (416) 691-6655 ext. 222

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