AFRICAN QUEEN COMPLETES $1.278 MILLION PRIVATE PLACEMENT
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) ”) 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
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.”
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.
Chairman & CEO
For more information, contact:
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
Düsseldorf +49 (0) 1722 1234 47
London - +44 (0) 7780 602 788
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.