African Queen Completes $1.278 Million Private Placement.VANCOUVER -- AFRICAN African pertaining to or originating in Africa. African buffalo includes black Cape buffalo, red Congo buffalo and red-brown varieties from Abyssinia to Niger. See also buffalo. QUEEN MINES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (the "Company") is pleased to announce the closing of the second tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $441,810. Together with the first tranche, previously announced, the Company raised aggregate gross proceeds in this private placement of CAD $1,278,060. Under the terms of the private placement, the Company has issued in the second tranche 1,472,700 Units (the "Units") at CAD $0.30 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the "Warrants"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.45 until May 15, 2011. The Units issued in the second tranche are subject to a 4-month hold period in Canada expiring September 16, 2009. The Company paid cash finders' fees, for the second tranche, of CAD $22,260, representing 5.04% of the proceeds of the second tranche. Proceeds from the private placement will be utilized for acceleration of work programs on the Company's gold project in Mozambique as well as potential property acquisitions and working capital. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Irwin Olian, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company, "We are very gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the strong investor response to African Queen's private placement, resulting in gross proceeds of CAD $1.278 million. The offering was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , reflecting confidence in management's ability to execute its business plan for development of new exploratory resource projects. We are working hard to advance our regional gold project in Mozambique as well as our diamond projects in Botswana and Namibia. At the same time, we are pursuing acquisition of other new prospects to increase shareholder value." About African Queen The Company is an exploratory resource company with diversified mineral properties in Southern Africa
ON BEHALF OF THE BOARD OF DIRECTORS OF AFRICAN QUEEN MINES LTD. "Limor Rubin" Limor Rubin Chief Financial Officer & Director Neither TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
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