African Queen Announces Private Placement
(via Thenewswire.ca)
Vancouver, British Columbia -- AFRICAN QUEEN MINES LTD. (the
“Company“) is pleased to announce a non-brokered private
placement offering to raise gross proceeds of up to CAD $1.98 million.
Under the terms of the private placement, the Company will offer for
sale up to 9,000,000 Units (the “Units“) at CAD $0.22 per
Unit. The Company may, in its discretion, increase the size of this
offering by up to 20% to a maximum of 10,800,000 Units.
Each Unit will consist of one Common Share of the Company and one-half
of one share purchase warrant (the “Warrants“), where each
whole Warrant will allow the subscriber to purchase one additional
Common Share of the Company for a period of two years from the date of
closing. The exercise price shall be CAD $0.37 per Share. The Company
may, in its discretion, pay a cash finder's fee of up to 7% of the
total gross proceeds of the offering. The offering is anticipated to
close in one or more tranches, and is expected to close during March
2012.
The Units issued upon the closing of the private placement will be
subject to a 4-month hold period. The private placement is subject to
the acceptance of the TSX Venture Exchange.
Proceeds from the private placement will be utilized for funding the
current drill program at its Noyem-Nyanfoman Project on Ghana's
Ashanti Belt and a drill program at its Odundu property in southwest
Kenya's Rongo Gold Fields, as well as potential property acquisitions
and working capital.
About African-Queen
The Company is an exploratory resource company with diversified
mineral properties in Southern, East and West Africa. It is exploring
its properties in Mozambique, Ghana and Kenya for gold and other
metals and it is undertaking exploration in Botswana and Namibia for
diamonds, gold and other metals. In Mozambique the Company has
approximately 230 sq. km. under license for gold and metals under an
agreement with another company. In Ghana it has 28.9 sq. km. under
license for gold. In Kenya it has approximately 850 sq. km. under
license for gold and metals, and a further 737 sq. km. of gold and
other minerals licenses under agreements with two other companies. The
Company's operations in Mozambique are carried out through its
subsidiary PAM Mocambique Limitada and its operations in Ghana are
carried out through its subsidiary AQ Ghana Gold Limited. Its
operations in Kenya are being carried out through its operating
subsidiary AQ Kenya Gold Limited. Its operations in Botswana are
carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.;
its operations in Namibia are carried out through its operating
subsidiary PAM Minerals Namibia (Pty) Ltd. The Company has its
executive offices in Vancouver, Canada. The Company was incorporated
under the laws of the Province of British Columbia, Canada on April
30, 2008 and received certain southern African assets in a spin off
transaction related to the acquisition of Pan African Mining Corp. by
Asia Thai Mining Co., Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.
“Irwin Olian“
Irwin Olian
Chairman & CEO
For more information, contact:
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|Irwin Olian, President and CEO |Carrie Howes, Corporate |
|E-mail: |Communications |
|tigertail@africanqueenmines.com|Email: |
|Phone: (604) 899-0100 |carrie@africanqueenmines.com |
|Fax: (604) 899-0200 |Phone: Germany - +49 (0) 21141|
| |740411 |
| |U.K. - +44 (0) 870 490 5443 |
| |? ? ? ? ? ? ? Canada - +1 |
| |416 900 3634 |
|--------------------------------------------------------------|
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