African Queen Closes $300,415 First Tranche Of Private Placement
October 10 2013 - 2:10PM
Access Wire
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 private placement
which has raised gross proceeds of CAD $300,415. Under the terms of
the private placement, the Company has issued 6,008,300 Units (the
"Units") at CAD $0.05 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 $0.075 until October 9, 2015. The Company paid cash
finders' fees of CAD $4,550, representing 1.5% of the aggregate
proceeds of the offering. The Units are subject to a 4-month hold
period in Canada expiring February 10, 2014.
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:
----------------------------------------------------------------
|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 |
|--------------------------------------------------------------|
| |
----------------------------------------------------------------
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. (TSXV:AQ)
Historical Stock Chart
From May 2024 to Jun 2024
African Queen Mines Ltd. (TSXV:AQ)
Historical Stock Chart
From Jun 2023 to Jun 2024