FOR IMMEDIATERELEASE
March 16, 2012
TSX.V:AQ
Frankfurt:QM0
AFRICAN QUEEN CLOSES $1.7MILLION FIRST TRANCHE OF PRIVATE PLACEMENT
Vancouver,British Columbia - AFRICAN QUEENMINES LTD. (the "Company") is pleased to announce the closing of thefirst tranche of its previously announced non-brokered private placement whichhas raised gross proceeds of CAD $1,714,119. Under the terms of the private placement, the Company has issued 7,791,450Units (the "Units") at CAD $0.22 per Unit.
Each Unit consists of one common share of the Company and one-half ofone share purchase warrant (the "Warrants"). Each whole Warrant entitles theholder to purchase one additional common share of the Company at an exerciseprice of CAD $0.37 until March 16, 2014. The Company paid cash finders' fees of CAD $58,297, representing 3.40%of the aggregate proceeds of the offering. The Units are subject to a 4-month hold period in Canada expiring July 17,2012.
According to Irwin Olian, CEO,"We are very gratified with the strong investor response to our financing,which has resulting in our closing the first tranche with approximately $1.7Million in a short period of only two weeks since we commenced theoffering. Considering the highlyvolatile market environment facing mining shares, we are very thankful to the42 investors who so readily participated in the offering. This first tranche will provide the Companywith the necessary funding to cover our budgeted drill programs in Ghana andKenya, as well as working capital. Thesecond tranche is expected to close before month-end."
About African-Queen
The Company is an exploratoryresource company with diversified mineral properties in Southern, East and WestAfrica. It is exploring its properties in Mozambique, Ghana and Kenya for goldand other metals and it is undertaking exploration in Botswana and Namibia fordiamonds, gold and other metals. In Mozambique the Company has approximately230 sq. km. under license for gold and metals under an agreement with anothercompany. In Ghana it has 28.9 sq. km. under license for gold. In Kenya it hasapproximately 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 othercompanies. The Company's operations in Mozambique are carried out through itssubsidiary PAM Mocambique Limitada and its operations in Ghana are carried outthrough its subsidiary AQ Ghana Gold Limited. Its operations in Kenya are beingcarried out through its operating subsidiary AQ Kenya Gold Limited. Its operations in Botswana are carried outthrough its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations inNamibia are carried out through its operating subsidiary PAM Minerals Namibia(Pty) Ltd. The Company has its executive offices in Vancouver, Canada. TheCompany was incorporated under the laws of the Province of British Columbia,Canada on April 30, 2008 and received certain southern African assets in a spinoff transaction related to the acquisition of Pan African Mining Corp. by AsiaThai Mining Co., Ltd.
ON BEHALF OF THE BOARD OFDIRECTORS OF AFRICANQUEEN MINES, LTD.
"Irwin Olian" Irwin Olian Chairman & CEO
Formore information, contact:
Irwin Olian, President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200 |
Carrie Howes, Corporate Communications
Email: carrie@africanqueenmines.com
Phone: Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
Canada - +1 416 900 3634 |
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