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Alice Queen Ltd

Alice Queen gets ready to drill after oversubscribed placement

Alice Queen Ltd (ASX:AQX) has closed an oversubscribed share placement to raise $868,500 at an issue price of $0.03 per share.

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Alice Queen gets ready to drill after oversubscribed placement

Alice Queen Ltd (ASX:AQX) has closed an oversubscribed share placement to raise $868,500 at an issue price of $0.03 per share.

The funds raised through the issue will be applied to repay existing liabilities and the ongoing exploration at the company’s flagship Horn Island gold project in the Torres Strait.

The potential for a viable operation is being considered after defining a JORC Exploration Target of 100,000 to 190,000 ounces of gold grading 1.6 to 2.4 g/t gold for the Pioneer Lode.

Alice Queen has identified numerous gold bearing veins from recent surface mapping and sampling programs.

The company is also commencing drilling at Looking Glass, its porphyry target on the Molong Volcanic Belt of New South Wales.

Phil Harman, chairman, commented: “It is encouraging to see such strong support of the company, not only from our existing group of shareholders, but also from some new and strategically important investors.”

“It is also very pleasing to see our managing director, Andrew Buxton, demonstrating his strong leadership and strong belief in Alice Queen, by contributing a significant amount of his own money to the placement.”

“With the commencement of drilling at Looking Glass now imminent, these are exciting times for the company.”

Quick facts: Alice Queen Ltd

Price: $0.01

Market: ASX
Market Cap: $9.53 m
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