Wednesday, 10 August 2011

African Queen Mines closes $2.4m financing, Pinetree Capital ups stake

African Queen Mines (CVE:AQ) said late yesterday that it closed its previously announced $2.4 million non-brokered private placement financing, with it being oversubscribed.
Under the terms of its private placement, the company issued 9.6 million units at $0.25 each.
Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional  share of the company at a price of C$0.40 until August 8, 2013.
"We are grateful to the 36 investors who, individually and collectively, have chosen to support our efforts during this most difficult and volatile financial environment," said CEO Irwin Olian.
"This has led to the offering being oversubscribed, to the extent that we exercised the full 20% over-allotment option.
"The funds raised today will permit the company to move forward aggressively with our planned exploration and drilling programs in Mozambique, Ghana and Kenya.”
Pinetree Capital acquired 2 million shares and one million share purchase warrants, giving the small-cap investor a near 11% stake, if warrants are exercised.
African Queen Mines has diversified mineral properties in Southern and West Africa, exploring for diamonds, gold and other metals.
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