African Queen Closes $50,000 First Tranche of Private Placement - WRCBtv.com | Chattanooga News, Weather & Sports

African Queen Closes $50,000 First Tranche of Private Placement

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Vancouver, British Columbia / ACCESSWIRE / June 4, 2014AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $50,000. Under the terms of the private placement, the Company has issued 1,000,000 Units (the “Units”) at CAD $0.05 per Unit.

Each Unit consists of one common share of the Company and one share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.075 until June 4, 2016. The Company paid cash finders’ fees of CAD $3,500 representing 7% of the aggregate proceeds of the offering and issued 100,000 finder’s warrants (the “Finder’s Warrants”). Each Finder’s Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.05 until June 4, 2016. The Units and Finder’s Warrants are subject to a 4-month hold period in Canada expiring October 5, 2014.

Proceeds from the private placement will be utilized for working capital and general corporate purposes.

About African-Queen

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.

“Irwin Olian”
Irwin Olian
Chairman & CEO

For more information, contact:

 --------------------------------------------------------------------------------
 |Irwin Olian, President and CEO         |Carrie Howes, Corporate Communications|
 |E-mail: tigertail@africanqueenmines.com|Email: carrie@africanqueenmines.com   |
 |Phone: (604) 899-0100                  |Phone:Germany - +49 (0) 21141 740411  |
 |Fax: (604) 899-0200                    |U.K.- +44 (0) 870 490 5443            |
 |                                       |Canada - +1 416 900 3634              |
 |                                       |Dubai - +971 55 997 0427              |
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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.

ReleaseID: 416482

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