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FOR IMMEDIATE RELEASE
March30, 2012
TSX.V:AQ
Frankfurt:QM0
AFRICAN QUEEN CLOSES SECOND TRANCHE OF $2.417 MILLIONPRIVATE PLACEMENT
Vancouver, British Columbia- AFRICAN QUEEN MINES LTD. (the "Company") ispleased to announce the closing of the second tranche of its previouslyannounced non-brokered private placement, which has raised gross proceeds ofCAD $702,900. Together with the firsttranche, previously announced, the Company raised aggregate gross proceeds inthis private placement of CAD $2,417,019.
Under the terms of the private placement, the Companyhas issued, in the second tranche, 3,195,000 Units (the "Units") at CAD $0.22per Unit. Each Unitconsists of one common share of the Company and one-half of one share purchasewarrant (the "Warrants"). Each whole Warrant entitles the holder to purchaseone additional common share of the Company at an exercise price of CAD $0.37until March 30, 2014.
The Company paid cash finders' fees for the secondtranche of CAD $37,576. Together with the first tranche, the Companypaid cash finders' fees in aggregate of $92,837 representing 3.84% of the aggregate proceeds of the offering. The Units are subject to a 4-month holdperiod in Canada expiring July 31, 2012.
According to Irwin Olian, CEO, "We are extremely grateful tothe many investors who have participated in our financing duringthis challenging period in the junior mining industry. Theoffering was oversubscribed and the Company utilized its overallotment
option to accomodate additional investor demand. This financing providesthe Company with all the funds anticipated for its budgeted programs in Ghanaand Kenya this year, as well as discretionary working capital."
About African-Queen
The Company is an exploratory resource company withdiversified mineral properties in Southern, East and West Africa. It isexploring its properties in Mozambique, Ghana and Kenya for gold and other metalsand it is undertaking exploration in Botswana and Namibia for diamonds, goldand other metals. In Mozambique the Company has approximately 230 sq. km. underlicense for gold and metals under an agreement with another company. In Ghanait has 28.9 sq. km. under license for gold. In Kenya it has approximately 850sq. km. under license for gold and metals, and a further 737 sq. km. of goldand other minerals licenses under agreements with two other companies. TheCompany's operations in Mozambique are carried out through its subsidiary PAMMocambique Limitada and its operations in Ghana are carried out through itssubsidiary AQ Ghana Gold Limited. Its operations in Kenya are being carried outthrough 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 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
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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Neither TSXVenture Exchange nor its Regulation Services Provider (as that term is definedin policies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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