(TheNewswire)
Vancouver, British Columbia / TheNewswire / March 22, 2018 - AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that it proposes to change its name to “Desert Mountain Energy Corp.” and to consolidate its common shares (the “Shares”) on the basis of one (1) post-consolidation Shares for every four (4) pre-consolidation Shares (the “Share Consolidation”). The Company currently has 114,216,051 Shares outstanding and, following the Share Consolidation, there will be approximately 28,554,012 Shares outstanding.
Any resulting fractional share entitlement remaining after the Share Consolidation that is less than one-half of a Share will be cancelled and each fractional Share that is at least one-half of a Share will be changed to one whole Share.
In addition, the exercise price and number of Shares of the Company issuable upon the exercise of outstanding incentive stock options and share purchase warrants, will be proportionally adjusted upon the implementation of the Share Consolidation.
The Board of Directors are very excited with the Company’s new helium and oil & gas property acquisitions in Arizona and Oklahoma, as announced in the Company’s recent press releases of February 19, 2018 and February 27, 2018. The Board believes the name “Desert Mountain Energy Corp.” more accurately conveys a sense of the Company’s future direction and goals. It has been some time since the Company was active in Africa and it is deemed appropriate at this time to adopt a name more suited to the Company’s current geographical focus.
The Share Consolidation is being done upon the recommendation of the Board of Directors in order to facilitate trading in the Company’s shares by a broader group of investors and to create better access to the capital markets by the Company in order to meet the Company’s future financial needs.
According to Irwin Olian, CEO of the Company, “Whilst we have many fond memories of our experiences in Africa with African Queen Mining and its predecessor Pan African Mining Corp., it is time to say good-bye to our former name and adopt a name that reflects the bright future of our company and its new projects in North America. We are retaining our seasoned management and technical teams and will be making key additions in the near future. Desert Mountain Energy Corp. reflects our diversified focus as a junior resource company across the spectrum from helium to oil & gas to minerals. We are very excited with the new projects we are undertaking and look forward to the future of Desert Mountain with great anticipation."
The Company’s name change and Share Consolidation are subject to approval by the TSX Venture Exchange.
About African Queen
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada. In addition, it has a wholly-owned U.S. subsidiary named Desert Energy Corp. which is commencing exploration and development of oil and gas and mineral properties in the Southwestern United States. The Company has recently been focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 291.54 km2. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada, on April 30, 2008, and received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
OF
AFRICAN QUEEN MINES,
LTD.
“Irwin Olian”
Irwin Olian
Chairman & CEO
For more information, contact:
-------------------------------------------------------------------------------- |Irwin Olian, President and CEO |Carrie Howes, Corporate Communications| |E-mail: tigertail@africanqueenmines.com|Email: carrie@africanqueenmines.com | |Phone: (604) 788-0300 |Phone : | | |U.K.- +44 (0) 870 490 5443 | | | Canada - +1 416 900 3634| |------------------------------------------------------------------------------| | | --------------------------------------------------------------------------------The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations.
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