African Queen Announces Private Placement
October 02 2013 - 5:23PM
Access Wire
Vancouver, British Columbia --
AFRICAN QUEEN MINES LTD.
(the "Company") is pleased to announce a non-brokered private
placement offering to raise gross proceeds of up to CAD $500,000.
Under the terms of the private placement, the Company will offer
for sale up to 10,000,000 Units (the "Units") at CAD $0.05 per
Unit. The Company may, in its discretion, increase the size of this
offering by up to 20% to a maximum of 12,000,000 Units.
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 $0.075 per Share. The Company may, in its
discretion, pay a cash finder's fee of up to 7% of the total gross
proceeds of the offering.
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 funding exploration of the Company's
properties as well as working capital.
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:
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|Irwin Olian, President and CEO |Carrie Howes, Corporate |
|E-mail: |Communications Email: |
|tigertail@africanqueenmines.com |carrie@africanqueenmines.com |
|Phone: (604) 899-0100 Fax: (604)|Phone: Germany - +49 (0) |
|899-0200 |21141 740411 U.K. - +44 (0) |
| |870 490 5443 Canada - +1 416 |
| |900 3634 Dubai - +971 55 997 |
| |0427 |
|--------------------------------------------------------------|
| |
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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.
Not for release in
the US or for distribution in the United States
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