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African Queen Mines closes first tranche of private placement financing

African Queen Mines closes first tranche of private placement financing

African Queen Mines (CVE:AQ) has closed the first tranche of its private placement financing it announced last week for up to C$0.5 million. 

The first part of the placement consisted of just over 6.0 million units at a price of 5 Canadian cents apiece, for proceeds of over C$0.3 million. 

Each unit is 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 new funds will be used for funding exploration at the company's African properties as well as for working capital, according to the Vancouver-based company's statement released Thursday. 

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. 

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