African Queen Mines Limited: Announces Private Placements
The Company will also be proceeding with a non-brokered flow-through private placement offering of up to 10,000,000 common shares to be issued on a "flow through" basis (the "Flow-Through Shares") pursuant to the Income Tax Act (Canada) at a price of $0.05 per Flow-Through Share for gross proceeds of up to CAD $500,000. 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, 2016. 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, 2016.
The Company may, in its discretion, pay a cash finder's fee of up to 7% of the total gross proceeds of each offering where applicable.
The Shares and Flow-Through Shares issued upon the closing of each private placement will be subject to a 4-month hold period. Each private placement is subject to the approval 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 271 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:
African Queen Mines Ltd.
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.