News & Articles >AFRICAN QUEEN TO ACQUIRE XORTX PHARMA CORP.
News & Articles

July 31, 2014

AFRICAN QUEEN AND XORTX PHARMA TERMINATE PROPOSED MERGER TRANSACTION

Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) announces that it has entered into a Termination Agreement with XORTX Pharma Corp. (“XORTX”) to terminate by mutual agreement its acquisition of all of the outstanding shares of XORTX and the related transactions which would have resulted in the consolidation of the companies in a transaction characterized as a reverse take-over (RTO). Accordingly, the Letter Agreement dated March 2, 2014, as amended March 18, 2014, April 15, 2014 and May 31, 2014, among the Company, XORTX, Dr. Allen Davidoff and Irwin Olian has been terminated, with the exception of certain provisions related to confidentiality and payment of expenses. The consolidation of the companies was terminated due to failure to meet the financing condition specified in said Letter Agreement, which required a minimum of $3 Million to be raised in a related private placement for the transaction to be consummated.

As a result of the aforesaid termination, the Company has now cancelled its Special Meeting of Shareholders scheduled to be held on August 1, 2014. The purpose of said Special Meeting was to seek the approval of the Company’s shareholders of its acquisition of XORTX and the related transactions.

The Company will now move forward independently and will refocus its efforts on realizing value from its portfolio of exploration properties in Africa through potential sales, joint ventures, development and mining activities. Management believes its properties are highly prospective and remain significant assets with the potential to add shareholder value. Trading in the Company’s shares on the TSX Venture Exchange (the “Exchange”) has been halted in accordance with applicable policies of the Exchange following announcement of the proposed transaction with XORTX in March, 2014. Management will take steps to request a resumption in trading in the Company’s shares in accordance with Exchange policies as soon as practicable

About African-Queen

The Company is an exploratory resource company with diversified mineral properties in East and West Africa. It is exploring its properties in Ghana and Kenya for gold and other metals. In Ghana it has 30.23 sq. km. under license for gold under an agreement with another company. 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 Ghana are carried out through its subsidiary AQ Ghana Gold Limited. Its operations in Kenya are carried out through its operating subsidiary AQ Kenya Gold Limited. 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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