African Queen Closes $50,000 First Tranche of Private Placement
June 04 2014 - 4:37PM
Access Wire
Vancouver, British Columbia /
ACCESSWIRE / June 4, 2014 --
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 $50,000. Under the terms of
the private placement, the Company has issued 1,000,000 Units (the
"Units") at CAD $0.05 per Unit.
Each Unit consists of one common
share of the Company and one share purchase warrant (the
"Warrants"). Each Warrant entitles the holder to purchase one
additional common share of the Company at an exercise price of CAD
$0.075 until June 4, 2016. The Company paid cash finders' fees of
CAD $3,500 representing 7% of the aggregate proceeds of the
offering and issued 100,000 finder's warrants (the "Finder's
Warrants"). Each Finder's Warrant entitles the holder to purchase
one common share of the Company at an exercise price of $0.05 until
June 4, 2016. The Units and Finder's Warrants are subject to a
4-month hold period in Canada expiring October 5, 2014.
Proceeds from the private placement
will be utilized for working capital and general corporate
purposes.
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 Communications|
|E-mail: tigertail@africanqueenmines.com|Email: carrie@africanqueenmines.com |
|Phone: (604) 899-0100 |Phone:Germany - +49 (0) 21141 740411 |
|Fax: (604) 899-0200 |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