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Alice Queen Ltd. ( (AU:AQX) ) just unveiled an announcement.
Alice Queen is launching a partially underwritten, non-renounceable pro-rata entitlement offer to raise up to approximately $5.77 million before costs, offering shareholders one new share for every three held at an issue price of $0.009. The offer is backed by GBA Capital as underwriter and by substantial shareholder Gage Resource Development, which has committed to take up its full entitlement and priority sub-underwrite to maintain a maximum 51% post-issue stake, reinforcing financial support for the company.
Proceeds from the raising will be directed towards further exploration and diamond core drilling at Horn Island, updating the project’s Mineral Resource Estimate and Scoping Study, and advancing approvals for the Horn Island Mining Lease Application. The capital injection is expected to strengthen Alice Queen’s ability to progress its flagship project and may improve its strategic positioning in the exploration sector, while potentially increasing Gage’s influence via its majority shareholding commitment.
More about Alice Queen Ltd.
Alice Queen Ltd (ASX:AQX) is an Australian mineral exploration company focused on advancing its Horn Island gold project. The company’s activities centre on exploration drilling, resource estimation and progressing mining lease approvals, with funds also supporting general working capital needs.
Average Trading Volume: 3,807,709
Technical Sentiment Signal: Sell
Current Market Cap: A$19.25M
See more data about AQX stock on TipRanks’ Stock Analysis page.