African Queen Announces Private Placement
Vancouver, British Columbia / TheNewswire / May 31, 2016 - African Queen Mines Ltd. (the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has granted the Company a discretionary waiver pursuant to its Bulletin dated April 7, 2014 - Discretionary Waivers of $0.05 Minimum Pricing Requirement, whereby the Exchange maintains discretion to waive its $0.05 minimum pricing requirement on a case by case basis. As such, the Company is proceeding with a non-brokered private placement offering to raise gross proceeds of up to CAD $450,000. Under the terms of the private placement, the Company will offer for sale up to 12,857,142 common shares (the "Shares") at CAD $0.035 per Share to accredited investors and certain non-accredited investors pursuant to applicable exemptions in the rules and regulations of the Exchange. The Company may, in its discretion, pay a cash finder's fee of up to 7% of the total gross proceeds of the offering where applicable.
The Shares issued upon the closing of the private placement will be subject to a 4-month hold period. Proceeds from the private placement will be primarily utilized to maintain and preserve the Company's existing operations, activities and assets, and to proceed with the 2016 exploration program, which includes diamond drilling, on the Company's recently acquired Yellowjacket Project. The private placement is subject to the acceptance of the Exchange.
About African Queen
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 79.56 sq. km. 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:
| Irwin Olian, President and CEO E-mail: tigertail@africanqueenmines.com Phone: (604) 788-0300 | Carrie Howes, Corporate Communications Email: carrie@africanqueenmines.com Phone : U.K. - +44 (0) 870 490 5443 Canada - +1 416 900 3634 |
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
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