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Desert Mountain Energy Corp

DME.V

Latest Trade

1.63CAD

Change

0.06(+3.82%)

Volume

112,701

Today's Range

1.56

 - 

1.66

52 Week Range

0.14

 - 

2.11

As of on the TSX Venture Exchange ∙ Minimum 15 minute delay

Latest Developments

African Queen Mines Ltd Closes $300,415 First Tranche Of Private Placement

African Queen Mines Ltd announced the closing of the first tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD300,415. Under the terms of the private placement, the Company has issued 6,008,300 Units at CAD0.05 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD0.075 until October 9, 2015. The Company paid cash finders' fees of CAD4,550, representing 1.5% of the aggregate proceeds of the offering. The Units are subject to a 4-month hold period in Canada expiring February 10, 2014. Proceeds from the private placement will be utilized for funding exploration of the Company's properties as well as working capital. About African-Queen.

Kenyan Partners Of Linear Metals Corp And African Queen Mines Ltd Settle Kenya Property Dispute

Linear Metals Corp and African Queen Mines Ltd. announced that their respective joint venture partners, B&M Mining Company Limited (B&M) and Abba Mining Company Limited (Abba), have reached a settlement agreement relating to the previously announced dispute over certain mineral claims in southwest Kenya. Linear and African Queen have consented to and were parties to the Agreement. Pursuant to the terms of the Agreement, Linear's partner, B&M, will remain the beneficial owner of Special License No. 214 covering an area of 15 square kilometers in the Rongo area, Migori District, Kenya subject to 1% NSRs which have been granted to each of African Queen and Abba. The Agreement also provides that African Queen's partner, Abba will remain the beneficial owner of Special License No. 287 covering an approximate area of 97 square kilometers surrounding SPL 214. All parties have agreed to withdraw their respective Civil Actions relating to Special Licenses No. 214 and No. 287. The Agreement has been approved by the Ag. Commissioner of Mines and Geology of the Government of the Republic of Kenya, Mr. Moses N. Masibo. Linear will also acquire technical information pertaining to SPL 214 and will reimburse African Queen USD500,000. The Agreement will allow Linear and African Queen to move forward with their respective exploration programs on this very prospective area of Kenya with Linear retaining rights to the Kamwango prospect while African Queen retains rights to the Odundu prospect.

African Queen Mines Ltd Appoints Mark Lotz As New CFO

African Queen Mines Ltd. announced that Mr. Mark Lotz, C.A., has been appointed to serve as the new Chief Financial Officer (CFO) of the Company and as a Director, replacing Ms. Limor Rubin, C.A. Ms. Rubin has resigned as CFO and as a Director in order to pursue other professional and personal interests as she relocates overseas with her family. She will remain as a Financial Consultant for the Company for a period of one year.

Pinetree Capital LTD Acquires Securities Of African Queen Mines Ltd.

Pinetree Capital LTD announced that on August 8, 2011, it acquired ownership of 2,000,000 common shares and 1,000,000 common share purchase warrants of African Queen Mines Ltd. (African Queen). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.40 until August 8, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 5.1% of the total issued and outstanding common shares of African Queen as of August 8, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree held, as at August 8, 2011, an aggregate of 5,000,000 common shares of African Queen, including the Common Shares, and rights to acquire an additional 1,500,000 common shares of African Queen upon exercise of certain convertible securities, including the Warrants (Convertible Securities). In the event that the Convertible Securities are fully exercised, the holdings of Pinetree represents a total of 6,500,000 common shares of African Queen, or approximately 10.9% of all issued and outstanding common shares as at August 8, 2011, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

African Queen Mines Ltd Closes CAD2.4 Million Private Placement

African Queen Mines Ltd announced that it has closed its non-brokered private placement which has raised gross proceeds of CAD2,400,000. Under the terms of the private placement, the Company has issued 9,600,000 Units (Units) at CAD0.25 per Unit. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (Warrants). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD0.40 until August 8, 2013. The Company paid cash finders’ fees of CAD61,162, representing 2.55% of the aggregate proceeds of the offering. The Units are subject to a four month hold period in Canada expiring December 9, 2011.

African Queen Mines Ltd Announces Private Placement

African Queen Mines Ltd announced a non-brokered private placement offering to raise gross proceeds of up to CAD2 million. Under the terms of the private placement, the Company will offer for sale up to 8,000,000 Units at CAD0.25 per Unit. The Company may, in its discretion, increase the size of this offering by up to 20% to a maximum of 9,600,000 Units. Each Unit will consist of one Common Share of the Company and one-half of one share purchase warrant, where each whole Warrant will allow the subscriber to purchase one additional Common Share of the Company for a period of two years from the date of closing. The exercise price shall be CAD0.40 per Share. The Company may, in its discretion, pay a cash finders fee of up to 7% of the total gross proceeds of the offering. The offering is anticipated to close in one or more tranches, with the first closing anticipated to take place during July, 2011. The Units issued upon the closing of the private placement will be subject to a four month hold period. The private placement is subject to the acceptance of the TSX Venture Exchange. Proceeds from the private placement will be utilized for funding work programs on the Company’s gold and metal projects in Mozambique, Kenya and Ghana, as well as potential property acquisitions and working capital.

African Queen Mines Ltd. Completes Second Tranche Of $3.284 Million Private Placement

African Queen Mines Ltd. announced the closing of the second tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD1,242,505. Together with the first tranche, previously announced, the Company raised aggregate gross proceeds in this private placement of CAD3,283,970. Under the terms of the private placement, the Company has issued in the second tranche 1,911,547 Units (Units) at CAD0.65 per Unit to institutional and private investors. Each Unit consists of one common share of the Company and one-half of one share purchase warrant (Warrants). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD0.85 until December 3, 2012. A total of 5,052,263 Units has been issued in aggregate in this private placement. Proceeds from the private placement will be utilized for funding work programs on the Company’s gold projects in Mozambique, Kenya and Ghana, and on its diamond projects in Botswana and Namibia, as well as potential property acquisitions and working capital.

African Queen Mines Ltd. Closes $2.04 Million First Tranche Of Private Placement

African Queen Mines Ltd. announced the closing of the first tranche of its previously announced non brokered private placement which has raised gross proceeds of CAD2,041,465. Under the terms of the private placement, the Company has issued 3,140,716 Units at CAD0.65 per Unit. Each Unit consists of one common share of the Company and one half of one share purchase warrant. Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD0.85 until November 1, 2012. It is anticipated that a second tranche of the private placement, offering up to an additional 4,359,284 Units, will close mid-November 2010.

African Queen Mines Ltd. Announces Private Placement

African Queen Mines Ltd. announced a non brokered private placement offering to raise gross proceeds of up to CAD4.875 million. Under the terms of the private placement, the Company will offer for sale up to 7,500,000 Units at CAD0.65 per Unit. The Company may, in its discretion, increase the size of this offering by up to 20% to a maximum of 9,000,000 Units. Each Unit will consist of one Common Share of the Company and one half of one share purchase warrant, where each whole Warrant will allow the subscriber to purchase one additional Common Share of the Company for a period of two years from the date of closing. The offering is anticipated to close in one or more tranches, with the first closing anticipated to take place during October, 2010. The Units issued upon the closing of the private placement will be subject to a four month hold period. Proceeds from the private placement will be utilized for funding work programs on the Company’s gold projects in Mozambique, Kenya and Ghana, and on its diamond projects in Botswana and Namibia, as well as potential property acquisitions and working capital.

African Queen Mines Ltd. Commences Core Drilling At King Solomon Project In Mozambique

African Queen Mines Ltd. announced that core drilling has now commenced on the King Solomon Project in western Tete Province in Mozambique (the Project). The initial reconnaissance drill program of approximately 2000-3000 m is being conducted on a contract basis for the Company and its partner, Swiss-based Opti Metal Trading Limited (Optimetal"), by Resource Drilling Mozambique Lda. of Tete, Mozambique.

Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.

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