AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT
AFRICAN QUEEN MINES LTD. (the "Company") is
pleased to announce a non-brokered private placement offering to raise gross
proceeds of up to CAD $1.98 million. Under the terms of the private
placement, the Company will offer for sale up to 9,000,000 Units (the
"Units") at CAD $0.22 per Unit. The Company may, in its
discretion, increase the size of this offering by up to 20% to a maximum of
10,800,000 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 $0.37 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 offering is anticipated to close in one or more tranches,
and is expected to close during March 2012.
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 the
current drill program at its Noyem-Nyanfoman Project
on Ghana's Ashanti Belt and a drill program at its Odundu
property in southwest Kenya's Rongo Gold Fields, as
well as potential property acquisitions and working capital.
About African-Queen
The Company is an exploratory resource company with diversified mineral
properties in Southern, East and West Africa. It is exploring its properties in
Mozambique, Ghana and Kenya for gold and other metals and it is undertaking
exploration in Botswana and Namibia for diamonds, gold and other metals. In
Mozambique the Company has approximately 230 sq. km. under license for gold and
metals under an agreement with another company. In Ghana it has 28.9 sq. km.
under license for gold. 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
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. 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. 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.