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 $2,041,465. Under the terms of the private placement, the Company has
issued 3,140,716 Units (the “Units”) at CAD $0.65 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 $0.85 until November 1, 2012. The Company paid cash finders’ fees
of CAD $137,256, representing 6.72% of the aggregate proceeds of the
offering. The Units are subject to a 4-month hold period in Canada expiring
March 2, 2011.
It is anticipated
that a second tranche of the private placement, offering up to an additional
4,359,284 Units, will close mid-November 2010.
According to Irwin
Olian, CEO, "It is gratifying to see the strong investor response to our
private placement, which has resulted in closing of our first tranche in very
short order. The $2 Million raised will cover our budgeted exploration
programs for 2011. At the same time, we will now allow the second tranche to
provide additional discretionary funding for acceleration of key programs,
select acquisitions and working capital. We are excited with progress now underway at King Solomon and
Rongo Gold Fields and this funding will permit us to continue our way forward
with all due speed."
About African Queen
The Company is an exploratory resource
company with diversified mineral properties in Southern and West Africa. It
is exploring its properties in Mozambique, Kenya and Ghana for gold and other
metals and it is exploring its properties in Botswana and Namibia for
diamonds. The Company’s licenses in Botswana and Namibia comprise
approximately 9208 sq km of diamond prospects. In Mozambique it has
approximately 230 sq km of gold and other metals licenses under an agreement
with another company. In Kenya it has approximately 112 sq. km. of gold and
other minerals licenses under an agreement with another company. 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.; its operations in
Mozambique are carried out through its subsidiary PAM Mocambique Limitada and
its operations in Ghana are carried out through its subsidiary AQ Ghana Gold
Limited. Its operations in Kenya are being carried out through its operating
subsidiary AQ Kenya Gold Limited. The Company has its executive offices in
Vancouver, Canada.
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
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200
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Carrie Howes
Corporate Communications
Email: carrie@totumos.com
Phone:
Düsseldorf +49 (0) 1722 1234 47
London - +44 (0) 7780 602 788
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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.
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