News & Articles > AFRICAN QUEEN CLOSES $2.4 MILLION PRIVATE PLACEMENT
News & Articles

August 8, 2011

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AFRICAN QUEEN CLOSES $2.4 MILLION PRIVATE PLACEMENT

Vancouver, British Columbia — 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

For more information, contact:

Irwin Olian
President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200

Carrie Howes
Corporate Communications
Email: carrie@africanqueenmines.com
Phone:
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
 


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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Contact Information For investment information please contact our investor relations group.

Marketing Director - Canada
Lee Dunston
(604) 788-0300
lee@desertmountainenergy.com

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427
carrie@desertmountainenergy.com

 
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