Sign up USA
Proactive Investors - Run By Investors For Investors

African Queen Mines raises over $565,000, closes first tranche of private placement financing

African Queen Mines raises over $565,000, closes first tranche of private placement financing

Vancouver-based African Queen Mines has closed the first tranche of the non-brokered private placement financing that it announced last month, raising C$565,035 so far. 

The company issued 3.77 million units at a price of 15 cents each. 

Each unit will be made up of one common share and one half of one share purchase warrant. Every whole warrant will allow for the purchase of another share for a period of two years, at a price of 25 Canadian cents each. 

In late November, the company said it planned to raise up to C$1.0 million through the non-brokered private placement. It will offer for sale up to 6.66 million units at 15 Canadian cents each. The junior mineral explorer said it can also increase the size of the offering by up to 20 per cent to 8 million units. 

The news funds are expected to be used for funding work programs on the company's gold projects in Kenya and Ghana, as well as potential property acquisitions and working capital. 

The financing is expected to close in full by the end of December. 

Earlier in November, African Queen revealed that its results from the 2012 diamond core drilling program at its Noyem-Nyanfoman gold project in the eastern region of Ghana were consistent with historic data, confirming the potential of the asset. 

The 29 square kilometre project is hosted within the the basal conglomerates of the Tarkwaian Group's Banket Formation, which also hosts the Tarkwa Gold Mine operated by Gold Fields that has a combined gold resource of 15 million ounces.  

The company said its initial results from the drill program are consistent with reported historic results from predecessors of Newmont Mining (NYSE:NEM), and "tend to confirm the presence in the region over a strike of at least 5.6 km of a relatively continuous gold-bearing reef varying in width from one to 5 m."

Results from African Queen included 4.03 metres at 2.49 grams per tonne (g/t) gold in the Western zone of the Northern Limb target.

The company, as operator of the project, can earn up to a 75 per cent stake in the property under a joint venture deal with Akan Exploration, by funding prescribed stages of exploration through to feasibility. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

In October, the company said it found four new targets from continuing field work in its phase 1b exploration program at the Ugunja gold project in Kenya. 

View full AQ profile View Profile

African Queen Mines Timeline

Related Articles

1507550408_goldprice.jpg
October 09 2017
Favourable court decisions are obviously helpful, but Galantas remains focussed on the central business of developing a mine
Gold Road Resources' Ian Murray with investors at Proactive's CEO Sessions
October 05 2017
Ian Murray discussed gold exploration plans with investors at Proactive's CEO Sessions.
Gold
December 04 2017
Greatland Gold is well financed to support its exploration projects

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use