Posted in | Mining Business | Earnings

African Queen Mines Reports Non-Brokered Private Placement up to CAD $4.875 Million

AFRICAN QUEEN MINES LTD. has announced a non-brokered private placement offering to raise gross proceeds of up to CAD $4.875 million. Under the terms of the private placement, the Company will offer for sale up to 7,500,000 Units (the "Units") at CAD $0.65 per Unit.

The Company may, in its discretion, increase the size of this offering by up to 20% to a maximum of 9,000,000 Units.

Each Unit will consist of one Common Share of the Company and one-half of one share purchase warrant (the "Warrants"), 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. The exercise price shall be CAD $0.85 per Share. The Company may, in its discretion, pay a cash finders fee of up to 7% of the total gross proceeds of the offering. The offering is anticipated to close in one or more tranches, with the first closing anticipated to take place during October, 2010.

The Units issued upon the closing of the private placement will be subject to a 4-month hold period. The private placement is subject to the acceptance of the TSX Venture Exchange.

Proceeds from the private placement will be utilized for funding 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.

Source: African Queen Mines Ltd.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    African Queen Mines Ltd.. (2019, February 18). African Queen Mines Reports Non-Brokered Private Placement up to CAD $4.875 Million. AZoMining. Retrieved on August 25, 2019 from https://www.azomining.com/News.aspx?newsID=659.

  • MLA

    African Queen Mines Ltd.. "African Queen Mines Reports Non-Brokered Private Placement up to CAD $4.875 Million". AZoMining. 25 August 2019. <https://www.azomining.com/News.aspx?newsID=659>.

  • Chicago

    African Queen Mines Ltd.. "African Queen Mines Reports Non-Brokered Private Placement up to CAD $4.875 Million". AZoMining. https://www.azomining.com/News.aspx?newsID=659. (accessed August 25, 2019).

  • Harvard

    African Queen Mines Ltd.. 2019. African Queen Mines Reports Non-Brokered Private Placement up to CAD $4.875 Million. AZoMining, viewed 25 August 2019, https://www.azomining.com/News.aspx?newsID=659.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit