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African Queen announces C$4.9m private placement

Published: 01:17 19 Oct 2010 BST

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African Queen Mines said Monday it will raise around C$4.9 million through a non-brokered private placement.

Under the terms of the offering, the company will offer up to 7.5 million units at C$0.65 per unit. The company could, at its discretion, increase the size of the offering by up to 20% to a maximum of 9 million units.

Each unit will consist of one common share of the company and one-half of one share purchase warrant, where each whole warrant will allow the subscriber to purchase one additional common share of the company for a period of two years from the date of closing at a price of C$0.85 per share.

The new funds will be used for work programs on the company’s gold projects in Mozambique, Kenya and Ghana, and on its diamond projects in Botswana and Namibia, as well as potential property acquisitions and working capital.

The deal is anticipated to close in one or more tranches, with the first closing expected to take place this month.
 
The company’s licenses in Botswana and Namibia comprise approximately 9208 sq km of diamond prospects. In Mozambique, it has approximately 230 sq km of gold and other metals licenses, while in Kenya it has approximately 112 sq. km. of gold and other minerals licenses.  

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