News & Articles >AFRICAN QUEEN CLOSES SECOND TRANCHE OF $2.417 MILLION PRIVATE PLACEMENT
News & Articles

March 30, 2012

AFRICAN QUEEN CLOSES SECOND TRANCHE OF $2.417 MILLION PRIVATE PLACEMENT

Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce the closing of the second tranche of its previously announced non-brokered private placement, which has raised gross proceeds of CAD $702,900. Together with the first tranche, previously announced, the Company raised aggregate gross proceeds in this private placement of CAD $2,417,019.

Under the terms of the private placement, the Company has issued, in the second tranche, 3,195,000 Units (the “Units”) at CAD $0.22 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 $0.37 until March 30, 2014.

The Company paid cash finders’ fees for the second tranche of CAD $37,576. Together with the first tranche, the Company paid cash finders’ fees in aggregate of $92,837 representing 3.84% of the aggregate proceeds of the offering. The Units are subject to a 4-month hold period in Canada expiring July 31, 2012.

According to Irwin Olian, CEO, “We are extremely grateful to the many investors who have participated in our financing during this challenging period in the junior mining industry. The offering was oversubscribed and the Company utilized its overallotment option to accomodate additional investor demand. This financing provides the Company with all the funds anticipated for its budgeted programs in Ghana and Kenya this year, as well as discretionary working capital."

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 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 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) 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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