AFRICAN QUEEN CLOSES $2.36 MILLION PRIVATE PLACEMENT
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)is pleased to announce the
closing of its previously announced non-brokered private placement which has raised gross proceeds of CAD $2,359,522. Under the
terms of the private placement, the Company has issued 3,932,538 Units (the “Units”) at CAD $0.60 per Unit to institutional and
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 $0.80 until December 23, 2011.
The Company paid cash finders’ fees of CAD $126,387, representing 5.36% of the aggregate proceeds of the offering and issued 210,644 finders’
warrants (“Finders’ Warrants”), where each Finders’ Warrant entitles the holder to purchase one common share of the Company at CAD $0.70 until
December 23, 2011.
The Units and the Finders Warrants are subject to a 4-month hold period in Canada expiring April 24, 2010.
Proceeds from the private placement will be utilized for acceleration of work programs on the Company’s gold projects in Africa as well
as potential property acquisitions and working capital. According to Irwin Olian, CEO of the Company, “We are gratified by the strong
investor response to our offering. This funding leaves the Company in a strong financial position with cash on hand sufficient to cover
all budgeted drilling and exploration programs anticipated for 2010.”
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's licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1689 sq km of gold and other metals licences under agreements with three 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.