African Queen Mines Ltd. (AQ - TSX Venture, QM0 - FWB), is pleased to announce the closing of the second tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $441,810. Together with the first tranche, previously announced, the Company raised aggregate gross proceeds in this private placement of CAD $1,278,060.
Under the terms of the private placement, the Company has issued in the second tranche 1,472,700 Units (the 'Units') at CAD $0.30 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 $0.45 until May 15, 2011. The Units issued in the second tranche are subject to a 4-month hold period in Canada expiring September 16, 2009.
The Company paid cash finders' fees, for the second tranche, of CAD $22,260, representing 5.04% of the proceeds of the second tranche.
Proceeds from the private placement will be utilized for acceleration of work programs on the Company's gold project in Mozambique as well as potential property acquisitions and working capital. According to Irwin Olian, CEO of the Company, 'We are very gratified by the strong investor response to African Queen's private placement, resulting in gross proceeds of CAD $1.278 million. The offering was oversubscribed, reflecting confidence in management's ability to execute its business plan for development of new exploratory resource projects. We are working hard to advance our regional gold project in Mozambique as well as our diamond projects in Botswana and Namibia. At the same time, we are pursuing acquisition of other new prospects to increase shareholder value.'
About African Queen
The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1350 sq km of gold and other metals licences under agreements with two other companies. 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.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada. The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES LTD.
'Limor Rubin'
Limor Rubin
Chief Financial Officer & Director
For more 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: Dusseldorf - +49 (0) 1722 1234 47
Phone: London - +44 (0) 7780 602 788
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: African Queen Mines Ltd.
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