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Alice Queen raises $7 million in placement to fast-track gold exploration strategy

The placement was strongly supported by a range of institutional and sophisticated investors, including key shareholders Datt Capital and Chris Morris.

Alice Queen Ltd - Alice Queen raises $7 million via placement to expedite exploration strategy in Australia
Around 159 million shares were placed at 4.4 cents per share, representing an 11% discount to the last closing price

Alice Queen Limited (ASX:AQX) has received binding commitments for a strongly supported $7 million capital raising which will be used to fast-track the company's gold exploration strategy.

Funds will be allocated to exploration in the Northern Molong Belt region of the Lachlan Fold Belt in Central West New South Wales and in the area excluded from the joint venture with St Barbara Mining Limited (ASX:SBM) at the Horn Island Gold Project in Queensland.

The advanced gold and copper explorer placed around 159 million shares at a price of 4.4 cents per share, representing an 11% discount to the last closing price.

Strong support

This placement was strongly supported by a range of institutional and sophisticated investors, including existing key shareholders Datt Capital and Chris Morris (Invia Custodian – Morris Family).

Alice Queen managing director Andrew Buxton said: “It is very pleasing to have such strong and widespread support for the company, including significant investments from each of our two largest shareholders, Chris Morris and Emanual Datt.

“It is a strong endorsement of our strategy and we thank all of the participants in this placement, both old and new, for their support.”

Proceeds of placement

The proceeds from the placement will be used to:

➢Expand current drilling at Boda East;

➢Complete phase one of reverse circulation infill drilling at the Horn Island pit with the aim of lifting the existing inferred resource into the Indicated category and commencement of feasibility studies in to open pit production scenarios; and

➢Commence drilling at Mendooran (north of Boda East), where the company can capitalise on its recent $200,000 government cooperative drilling grant.

Placement shares are expected to be issued shortly.

Issue of options

In addition to standard capital raising fees, the company has agreed to issue the joint lead managers  - Evolution Capital Advisors Pty Ltd and BW Equities Pty Ltd - an aggregate of 5 million options with a strike price of 7 cents and 5 million with a strike price of 8 cents.

The options will have expiry date two years from the issue date.

Quick facts: Alice Queen Ltd

Price: 0.031 AUD

ASX:AQX
Market: ASX
Market Cap: $33.81 m
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