African Queen Mines to invest 2.4 million Canadian dollars in mining in Mozambique

10 August 2011

Vancouver, Canada, 10 Aug – African Queen Mines has concluded a private warrant placement that provided it with income of 2.4 million Canadian dollars the Canadian company said in Vancouver Monday.

In a statement the company’s chief executive, Irwin Olian said that the cash obtained would be applied to prospecting operations, specifically in Mozambique where the company has a license covering an area of 230 square kilometres for prospecting gold and other metals, via its subsidiary PAM Moçambique Ltd.

African Queen Mines is also involved in prospecting in Ghana (28.9 km2), Kenya (850 km2) and Botswana (2,890 km2) where it is prospecting for gold and other metals, as well as diamonds.

This private placement involved issuing 9.6 million warrants at a unit price of 0.25 Canadian dollars each. Each warrant entitles its purchaser to buy an additional share in the company for 0.40 Canadian dollars each until August 2013. (macauhub)