African Queen Closes $601,220 Private Placement

(TheNewswire)

Vancouver, British Columbia / TheNewswire / June 12, 2017 - AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement which was fully subscribed and has raised gross proceeds of CAD $601,220.  Under the terms of the private placement, the Company has issued 12,024,400 Units (the “Units”) at CAD $0.05 per Unit.  

Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the “Warrants”). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.075 until June 12, 2019.  The Company paid cash finders’ fees of CAD $21,175 representing 3.52% of the aggregate proceeds of the offering.  The Units are subject to a 4-month hold period in Canada expiring October 13, 2017.  

Proceeds from the private placement will be utilized for exploration and development of the Company’s Yellowjacket Gold Project and related mineral tenures in Atlin, British Columbia, working capital, and general corporate purposes.

The Company’s 2017 field work program is presently underway on-site in Atlin.

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 291.54 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

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 .

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