African Queen Announces Private Placement
04 June 2014 - 1:49AM
Access Wire
Vancouver, BC / ACCESSWIRE / June 3,
2014 / AFRICAN QUEEN MINES
LTD. (the "Company") is pleased to announce a non-brokered
private placement offering to raise gross proceeds of up to CAD
$100,000. Under the terms of the private placement, the Company
will offer for sale up to 2,000,000 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 2,400,000
Units.
Each Unit will consist of one Common
Share of the Company and one share purchase warrant (the
"Warrants"), where each 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 and may also issue finder's warrants exercisable for a
period of two years from the date of closing at an exercise price
of $0.05 per Share, to purchase such number of Common Shares that
is equivalent to up to 10% of the number of Units sold.
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 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:
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|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 |
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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.
SOURCE: African-Queen Mines Ltd.
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