African Queen Mines Ltd. and its subsidiaries acquire, explore and develop mineral properties in areas of Africa deemed to have relatively high potential for mining success and relatively low political risk.
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in Africa, initially focusing on exploration for diamonds in Botswana and Namibia, and gold in Mozambique. The Company has approximately 5,500 sq. km. of contiguous diamond licenses in Botswana and 6,200 sq. km. in Namibia, and is exploring for gold and metals in Mozambique under agreements with other companies.
African Queen Mines to raise CDN$1.2 mln in private placing
25th Mar 2009, 12:24 pm
Norseman Gold plc African Queen Mines Ltd is planning to raise CDN$1.2 million before expenses in a private placing to institutional and private investors.
The company will offer a maximum of 4 million units priced at CAD$0.30 each, comprising 1 common share and 1 half-share purchase warrant, with each whole warrant allowing the subscriber to purchase 1 common share for two years from the date of closing at CAD$0.45 each.
The money raised will be used to accelerate work programs on the company’s gold projects in Mozambique as well as for potential property acquisitions and working capital.
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