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- Advanced gold and copper explorer Alice Queen (AQX) receives binding commitments for a $1.5 million placement
- More than 255 million shares will be issued to sophisticated and professional investors at 0.6 cents, a 16.6 per cent discount to the five-day volume-weighted average price
- Alice Queen intends to issue participants one option for every two shares subscribed for, exercisable at 1.3 cents with expiry three years from issue
- Once received, the company will use the money to undertake exploration drilling at Horn Island and progress discussions regarding joint venture opportunities on NSW projects
- Shares in Alice Queen have ended the day down 25 per cent at 0.6 cents
Advanced gold and copper explorer Alice Queen (AQX) has received binding commitments for a $1.5 million placement.
A total of 255,366,667 shares will be issued to professional and sophisticated investors at 0.6 cents, representing a 16.6 per cent discount to the five-day volume-weighted average price.
Alice Queen intends to issue participants one option for every two shares subscribed for, exercisable at 1.3 cents with expiry three years from issue.
Once received, the company will use the money to undertake exploration drilling at Horn Island and progress discussions regarding joint venture opportunities on NSW projects.
On March 1, Alice Queen announced it had begun testing the first target generated via a recent survey completed at the Horn Island gold project in Queensland.
The focus is a large-scale chargeability anomaly that has a strike length of more than 1.4 kilometres.
Alice Queen will aim to intersect the anomaly at depth and below surface alteration, stockwork veining and mineralisation.
Shares in Alice Queen were down 25 per cent and were trading at 0.6 cents at market close.
