VANCOUVER, Nov. 28, 2017 /PRNewswire/ – Golden Queen Mining Co. Ltd. (TSX:GQM | OTCQX:GQMNF) (“Golden Queen” or “the Company”) announces that, further to its November 14, 2017 news release, it has filed a final short form prospectus dated November 24, 2017 with the securities regulatory authorities in the provinces of BC, Alberta and Ontario in connection with its previously announced rights offering (the “Rights Offering“) to acquire common shares of the Company (“Common Shares“) for gross proceeds of up to US$25,036,240.
Pursuant to the Rights Offering each holder of record of Common Shares, as of a record date of December 1, 2017, will receive one right (a “Right“) for each Common Share held. For each one Right held, the holder thereof is entitled to purchase 1.7 Common Shares at an exercise price of US$0.1325 per Common Share, which will entitle holders to subscribe for up to an aggregate of 188,952,761 Common Shares. The Rights will be exercisable for the period commencing on the day following the Effective Date and ending on the Expiry Date. For the purposes of the foregoing, the “Effective Date” means the date that the United States Securities and Exchange Commission (the “SEC“) declares a registration statement on Form S-3, or other available form, effective in respect of the Common Shares that can be subscribed for with the Rights. “Expiry Date” means the date that is the earlier of 40 calendar days following the Effective Date and February 23, 2018. If the Effective Date does not occur by February 1, 2018 (the “Alternate Expiry Date“), then the Rights will instead expire on the Alternate Expiry Date.
The Record Date for participation in the Rights Offering is December 1, 2017. The Common Shares will trade on the Toronto Stock Exchange (“TSX”) from the Effective Date to and including the Expiry Date and ex-rights trading of the Common Shares will commence on November 30, 2017. The TSX has approved the listing of the Common Shares issuable upon exercise of the Rights subject to Golden Queen fulfilling all of the listing requirements.
The Rights Offering includes an additional subscription privilege under which holders of Rights who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if available, that were not otherwise subscribed for in the Rights Offering. If a shareholder does not exercise all of its Rights pursuant to the Basic