AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce a
non-brokered private placement offering to raise gross proceeds of up to
CAD $1.2 million. Under the terms of the private placement, the Company
will offer for sale a maximum of 4,000,000 Units (the “Units”) at CAD
$0.30 per Unit to institutional and private investors.
Each Unit will consist of one Common Share of the Company and one-half
of one share purchase warrant (the “Warrants”), where each whole Warrant
will allow the subscriber to purchase one additional Common Share of the
Company for a period of two years from the date of closing. The exercise
price shall be CAD $0.45 per Share. The Company may, in its discretion,
pay a cash finders fee of up to 7% of the total gross proceeds of the
offering and may increase the size of the offering by up to 20%.
The Units issued upon the closing of the private placement will be
subject to a 4-month hold period. The private placement is subject to
the acceptance of the TSX Venture Exchange.
Proceeds from the private placement will be utilized for acceleration of
work programs on the Company’s gold projects in Mozambique as well as
potential property acquisitions and working capital.
About African-Queen
The Company is an exploratory resource company with diversified mineral
properties in Southern Africa. It is exploring its properties in
Botswana and Namibia for diamonds, and it is exploring its properties in
Mozambique for gold and other metals. The Company licences in Botswana
and Namibia comprise approximately 11,800 sq km of diamond prospects. In
Mozambique it has approximately 1350 sq km of gold and other metals
licences under agreements with two other companies. 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.; and its operations
in Mozambique are carried out through its subsidiary PAM Mocambique
Limitada.
The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN
MINES, LTD.
“Limor Rubin”
Limor Rubin
Chief
Financial Officer & Director
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,
Phone:(604)
899-0100
Fax: (604) 899-0200
tigertail@africanqueenmines.com
or
Carrie
Howes, Corporate Communications
Phone: Düsseldorf - +49 (0)
1722 1234 47
Phone: London - +44 (0) 7780 602 788
carrie@africanqueenmines.com
