African Queen Closes $252,000 Private Placement

(TheNewswire)

Vancouver, British Columbia / TheNewswire / December 23, 2016— AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement which has raised gross proceeds of CAD $252,000.  Under the terms of the private placement, the Company has issued 7,200,000 common shares (the “Shares”) at CAD $0.035 per Share.  

The Company paid cash finders’ fees of CAD $1,225 representing 0.49% of the aggregate proceeds of the offering.  The Shares are subject to a 4-month hold period in Canada expiring April 24, 2017.  

Proceeds from the private placement will be primarily utilized to maintain and preserve the Company's existing operations, activities and assets on the Company's recently acquired Yellowjacket Gold Project in Atlin, British Columbia.

The Company has cancelled its previously announced flow-through private placement due to market conditions.

About African-Queen

The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa.  It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 271 km2.  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

1153 56th Street

Box 19040

Delta, BC

V4L 2P8

Frankfurt: QM0

For more information, contact:

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.

Copyright (c) 2016 TheNewswire - All rights reserved.