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African Queen to become Desert Mountain Energy

African Queen Mines (CN:AQ) is to change its name and consolidate its shares after a recent M&A splurge.
African Queen to become Desert Mountain Energy African Queen to become Desert Mountain Energy African Queen to become Desert Mountain Energy African Queen to become Desert Mountain Energy African Queen to become Desert Mountain Energy

African Queen Mines owns the Yellowjacket gold project in British Columbia, Canada

Staff reporter

It said the new name, Desert Mountain Energy, that of its full-owned US subsidiary, was more suited to its current geographical focus and future direction. The company is no longer active in Africa.

African Queen recently acquired helium and oil and gas properties acquisitions in Arizona and Oklahoma. It also owns the Yellowjacket gold project in British Columbia. 

CEO Irwin Olian said it was time to "adopt a name that reflects the bright future of our company and its new projects in North America".

The company will keep its management and technical teams and make key additions in the near future, he said.

"Desert Mountain Energy reflects our diversified focus as a junior resource company across the spectrum from helium to oil and 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 said the share consolidation had been recommended by the board to facilitate trading by a broader group of investors and create better access to the capital markets to meet its future financial needs. 

It proposed consolidating exchanging one post-consolidation share for every four current shares, cutting the 114.2 million shares outstanding to 28.5 million.