Alice Queen (ASX:AQX) - Managing Director, Andrew Buxton
Managing Director, Andrew Buxton
Source: The Market Herald
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Advanced gold and copper explorer Alice Queen (AQX) has received binding commitments for a $7 million capital raise
  • To raise the funds, approximately 159 million shares will be issued at 4.4 cents each
  • Alice Queen will use the $7 million to expand its current drill program at the Boda East Project in NSW, complete phase one reverse circulation infill drilling at the Horn Island pit, and begin drilling at the Mendooran volcanic belt
  • In addition to the placement, the lead managers of Evolution Capital Advisors and BW Equities will receive 10 million options
  • The shares will have an exercise price of either seven or eight cents and will expire from two years of issue
  • Alice Queen is currently down 7.14 per cent and shares are trading for 4.6 cents each

Advanced gold and copper explorer Alice Queen (AQX) has received binding commitments for a $7 million capital raise.

The capital raise was strongly supported from sophisticated and institutional investors, as well as existing shareholders Datt Capital and Chris Morris.

Furthermore, the raise was led by Evolution Capital Advisors and BW Equities.

To raise the funds, approximately 159 million shares will be issued at a price of 4.4 cents each, an 11 per cent discount to Alice Queen’s last closing price.

The shares are expected to be issued in the upcoming days and can be done so without shareholder approval.

Alice Queen will use the $7 million to expand its current drill program at the Boda East Project in NSW, complete phase one reverse circulation infill drilling at the Horn Island pit, and begin drilling at the Mendooran volcanic belt.

In addition to the placement, the lead managers will receive five million options with an exercise price seven cents, and another five million options with an exercise price of eight cents.

All of the options will expire from two years of issue and will be issued without shareholders approval.

“It is very pleasing to have such strong and widespread support for the company, including significant investments from each of our two largest shareholders,” Managing Director Andrew Buxton said.

“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,” he added.

Alice Queen is down 7.14 per cent and shares are trading for 4.6 cents each at 1:32 pm AEST.

AQX by the numbers
More From The Market Online

It’s hard to imagine a world without a mining company called Anglo American

Growing up in South Africa it seemed inconceivable that Anglo American, a mining colossus at its zenith…

Great Western shares jump nearly 11% on WA govt funding for priority Cu-Au targets

Great Western Exploration shares jump nearly 11 percent on West Australian government funding to test copper-gold…

Lithium Universe ends the quarter charged up for Quebec Refinery roll-out

Lithium Universe has closed off the March quarter with a new Chief Financial Officer and strategically located land…