Investors in the placement will be issued with one free attaching option for every two shares subscribed.
The free attaching option will be unlisted, have an exercise price of 2 cents and an expiry date which is 18 months from the issue date.
READ: Alice Queen enters Horn Island earn-in and JV agreement with St Barbara
Alice Queen managing director Andrew Buxton said: “The funds received from this raising will greatly assist the company as we continue on our path towards developing our projects for the benefit of all shareholders.
“We are very pleased and grateful to our investors who have reaffirmed their commitment to Alice Queen and we look forward to updating the market on progress made at Horn Island both by the company (in respect of areas excluded from the joint venture) and through our joint venture with St Barbara as activity ramps up over the coming period.”
Existing resource area retained by Alice Queen
St Barbara has the right, but not the obligation to earn a 70% interest in the Horn Island project by sole funding expenditure of $4 million within 36 months.
The area that is the subject of the earn-in rights does not include the historical Horn Island pit area or the area that holds the existing inferred mineral resource of 7.96 million tonnes at 1.9 g/t gold for 492,000 ounces.