African Queen Closes $60,010 First Tranche of Flow-Through Private Placement
Vancouver, August 25, 2017 - African Queen Mines Ltd. (the "Company") is pleased to announce the closing of the first tranche of its previously announced non-brokered flow-through private placement which has raised gross proceeds of CAD $60,010. Under the terms of the private placement, the Company has issued 1,000,166 common shares on a "flow through" basis (the "Flow-Through Shares") pursuant to the Income Tax Act (Canada) at a price of $0.06 per Flow-Through Share. The Company paid cash finders' fees of CAD $4,201 representing 7% of the aggregate proceeds of the offering. The Flow-Through Shares are subject to a 4-month hold period in Canada expiring December 26, 2017.
The gross proceeds from the flow-through private placement will be used by the Company to incur eligible Canadian exploration and development expenses (as defined in the Income Tax Act (Canada)) on or before December 31, 2018. The purchasers of the shares will be entitled to renunciations from the Company of Canadian exploration and development expenses in an amount equal to the subscription amount effective December 31, 2017. It is contemplated all funding from the flow-through private placement will be expended on the Company's Yellowjacket Gold Project in Atlin, B.C.
The Company's 2017 field work program is presently underway on-site in Atlin.
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 291.54 km2. 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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