The Canadian junior explorer will offer for sale up to 10.0 million units at a price of 5 Canadian cents apiece. The company can also increase the size of the offering by up to 20 per cent, to a maximum of 12.0 million units.
Each unit will be made up of one common share and one half of a share purchase warrant, with every warrant allowing the holder to buy an additional share at a price of 7.5 Canadian cents for a period of two years.
The deal still needs the approval of the TSX Venture Exchange to close.
Earlier this year, African Queen started its 2013 field program at the Ugunja gold project in Kenya's Lakeland district. The field work underway is a continuation of the phase 1b exploration program started last year, and includes regional mapping, soil and rock sampling, trenching and ground geophysics. At the time, chief executive Irwin Olian said the company was planning to accelerate activities at Ugunja to find the optimal drill targets in order to start a core drilling program later this year.
It also in January expanded and renewed its exploration license on its Noyem-Nyanfoman gold project in Ghana's Ashanti Belt for a period of two years. The project is held under a joint venture between African Queen and Akan Exploration, and is operated by African Queen, which controls a 60 per cent interest.