African Queen Closes $2.4 Million Private Placement
AFRICAN QUEEN MINES LTD. (the 'Company?) is pleased to announce
the closing of its previously announced non-brokered private placement
which has raised gross proceeds of CAD $2,400,000. Under the terms of
the private placement, the Company has issued 9,600,000 Units (the
'Units?) at CAD $0.25 per Unit.
Each Unit consists of one common share of the Company and one-half of
one share purchase warrant (the 'Warrants?). Each whole Warrant entitles
the holder to purchase one additional common share of the Company at an
exercise price of CAD $0.40 until August 8, 2013. The Company paid cash
finders′ fees of CAD $61,162, representing 2.55% of the aggregate
proceeds of the offering. The Units are subject to a 4-month hold period
in Canada expiring December 9, 2011.
According to Irwin Olian, CEO, 'We are grateful to the 36 investors who,
individually and collectively, have chosen to support our efforts during
this most difficult and volatile financial environment. This has led to
the offering being oversubscribed, to the extent that we exercised the
full 20% overallotment option. It once again illustrates that the
support of the investment community is an integral factor in determining
the success of junior resource companies. The funds raised today will
permit the Company to move forward aggressively with our planned
exploration and drilling programs in Mozambique, Ghana and Kenya.?
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 licenses in Botswana
comprise approximately 2890 sq. km. of diamond prospects. 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 the southern African net 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
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.
AFRICAN QUEEN MINES LTD.
Irwin Olian, President and CEO
E-mail:
tigertail@africanqueenmines.com
Phone:
(604) 899-0100
Fax: (604) 899-0200
or
Carrie Howes,
Corporate Communications
Email: carrie@africanqueenmines.com
Phone:
Germany - 49 (0) 21141 740411
U.K. - 44 (0) 870 490 5443
Canada
- 1 416 900 3634