News & Articles >AFRICAN QUEEN CLOSES $60,010 FIRST TRANCHE OF FLOW-THROUGH PRIVATE PLACEMENT
News & Articles

August 25, 2017

AFRICAN QUEEN CLOSES $60,010 FIRST TRANCHE OF FLOW-THROUGH PRIVATE PLACEMENT

Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)is pleased to announce the closing of the first tranche of its previously announced non-brokered flow-through private placement which has raised gross proceeds of CAD $60,010. Under the terms of the private placement, the Company has issued 1,000,166 common shares on a “flow through” basis (the “Flow-Through Shares”) pursuant to the Income Tax Act (Canada) at a price of $0.06 per Flow-Through Share.

The Company paid cash finders’ fees of CAD $4,201 representing 7% of the aggregate proceeds of the offering. The Flow-Through Shares are subject to a 4-month hold period in Canada expiring December 26, 2017.

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, 2018. 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, 2017. It is contemplated all funding from the flow-through private placement will be expended on the Company’s Yellowjacket Gold Project in Atlin, B.C.

The Company’s 2017 field work program is presently underway on-site in Atlin.

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 291.54 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.

We seek Safe Harbor.

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.

 

Press Release Archive
08/07/18 - DESERT MOUNTAIN ENERGY ENTERS INTO AGREEMENT TO SELL ITS YELLOWJACKET GOLD PROJECT AND ATLIN, B.C. PROPERTIES TO BRIXTON METALS  08/02/18 - SOREN CHRISTIANSEN JOINS DESERT MOUNTAIN ENERGY BOARD OF DIRECTORS 07/30/18 - ARDITO MARTOHARDJONO RESIGNS AS A DIRECTOR OF DESERT MOUNTAIN ENERGY 07/23/18 - DESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT 06/10/18 - DESERT MOUNTAIN ENERGY ACQUIRES FURTHER TRANCHE OF 12,228 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA’S HOLBROOK BASIN  06/07/18 - DESERT MOUNTAIN ENERGY ANNOUNCES PRIVATE PLACEMENT 05/29/18 - DESERT MOUNTAIN ENERGY ACQUIRES ADDITIONAL 12,219 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA'S HOLBROOK BASIN, INCLUDING ZONE WITH ORIGINAL DISCOVERY WELL 05/08/18 - DESERT MOUNTAIN ENERGY SELLS ITS PLACER MINING INTERESTS AT ATLIN, B.C. 04/18/18 - GREG NOWAK JOINS DESERT MOUNTAIN ENERGY'S TECHNICAL TEAM 04/09/18 - AFRICAN QUEEN NAME CHANGE TO DESERT MOUNTAIN, ROLLBACK 02/27/18 - AFRICAN QUEEN MINES ACQUIRES KEY HELIUM LEASES IN ARIZONA’S PROLIFIC HOLBROOK BASIN 02/19/18 - AFRICAN QUEEN MINES SIGNS AGREEMENT FOR ACQUISITION OF THE KIGHT GILCREASE SAND UNIT OIL & GAS PROJECT IN OKLAHOMA 01/31/18 - AFRICAN QUEEN MINES EMBARKS ON DIVERSIFICATION PROGRAM WITH ESTABLISHMENT OF NEW U.S. OPERATIONS 11/13/17 - AFRICAN QUEEN MINES REPORTS RESULTS FROM ITS DRILLING PROGRAM AT GOLD RUN PROSPECT IN ATLIN, BC 09/18/17 - AFRICAN QUEEN MINES COMMENCES DIAMOND DRILLING AT GOLD RUN PROSPECT AT ITS YELLOWJACKET GOLD PROJECT 09/08/17 - AFRICAN QUEEN MINES TARGETS GOLD RUN PROSPECT FOR DRILLING AT YELLOWJACKET GOLD PROJECT
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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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