AFRICAN QUEEN AND XORTX PHARMA TERMINATE PROPOSED MERGER TRANSACTION
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)
announces that it has entered into a Termination Agreement with XORTX Pharma Corp.
(“XORTX”) to terminate by mutual agreement its acquisition of all of the outstanding shares of
XORTX and the related transactions which would have resulted in the consolidation of the
companies in a transaction characterized as a reverse take-over (RTO). Accordingly, the Letter
Agreement dated March 2, 2014, as amended March 18, 2014, April 15, 2014 and May 31, 2014,
among the Company, XORTX, Dr. Allen Davidoff and Irwin Olian has been terminated, with the
exception of certain provisions related to confidentiality and payment of expenses. The
consolidation of the companies was terminated due to failure to meet the financing condition
specified in said Letter Agreement, which required a minimum of $3 Million to be raised in a
related private placement for the transaction to be consummated.
As a result of the aforesaid termination, the Company has now cancelled its Special Meeting of
Shareholders scheduled to be held on August 1, 2014. The purpose of said Special Meeting was
to seek the approval of the Company’s shareholders of its acquisition of XORTX and the related
The Company will now move forward independently and will refocus its efforts on realizing
value from its portfolio of exploration properties in Africa through potential sales, joint ventures,
development and mining activities. Management believes its properties are highly prospective
and remain significant assets with the potential to add shareholder value. Trading in the
Company’s shares on the TSX Venture Exchange (the “Exchange”) has been halted in
accordance with applicable policies of the Exchange following announcement of the proposed
transaction with XORTX in March, 2014. Management will take steps to request a resumption
in trading in the Company’s shares in accordance with Exchange policies as soon as practicable
The Company is an exploratory resource company with diversified mineral properties in East and West Africa. It is exploring its properties in Ghana and Kenya for gold and other metals. In Ghana it has 30.23 sq. km. under license for gold under an agreement with another company. In Kenya it has approximately 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 other companies. The Company’s operations in Ghana are carried out through its subsidiary AQ Ghana Gold Limited. Its operations in Kenya are carried out through its operating subsidiary AQ Kenya Gold Limited. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada on April 30, 2008, and received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
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
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
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.