By Devika Patel
Knoxville, Tenn., April 21 - African Queen Mines Ltd. said it raised C$836,220 in the first tranche of a C$1.2 million private placement of units. The non-brokered deal priced March 24.
The company will sell 4 million units at C$0.30 per unit. It sold 2,787,400 units in this tranche.
The units each consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.45 for two years.
Proceeds will be used for work programs on the company's gold projects in Mozambique as well as potential property acquisitions and working capital.
African Queen is a mineral exploration company based in Vancouver, B.C.
| Issuer: | African Queen Mines Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 4 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | March 24
|
| Settlement date: | April 20
|
| Stock symbol: | TSX Venture: AQ
|
| Stock price: | C$0.33 at close March 23
|
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