Alice Queen Raises $1 Million via Convertible Notes Convertible at $0.005
Alice Queen Limited has raised $1 million through convertible notes to fund ongoing gold and copper exploration and support working capital needs.
- Raised $1 million via unsecured convertible notes
- Convertible notes have a 4-month expiry and convert at $0.005 per share
- Funds allocated to exploration activities and working capital
- Lead manager GBA Capital committed to the funding
- Broker to receive attaching options as part of the arrangement
Funding Boost for Exploration
Alice Queen Limited (ASX, AQX), an advanced explorer focused on gold and copper, has successfully secured $1 million in funding through the issue of unsecured convertible notes. This capital injection is aimed at supporting the company’s ongoing exploration programs as well as its working capital requirements.
Convertible Note Details
The convertible notes come with a relatively short maturity period of four months and are convertible into shares at a price of $0.005 each. This structure offers investors a potential equity upside while providing Alice Queen with immediate access to funds without diluting shareholders upfront. Additionally, attaching options will be issued to the broker responsible for arranging the notes, GBA Capital Pty Ltd, which also acted as lead manager for the placement.
Strategic Implications
This funding round reflects Alice Queen’s commitment to advancing its exploration activities amid a competitive and capital-intensive mining sector. The company’s ability to secure firm commitments from GBA Capital suggests confidence in its project pipeline and management team. However, the relatively short expiry of the notes means the company will need to either convert the notes or refinance within a tight timeframe, which could influence its capital strategy in the near term.
Looking Ahead
With exploration activities funded, Alice Queen is positioned to continue its search for economically viable gold and copper deposits. The outcome of these efforts will be critical in determining the company’s next phase of growth and its ability to attract further investment. Investors will be watching closely for updates on exploration results and any decisions regarding note conversion or additional capital raises.
Bottom Line?
Alice Queen’s convertible note raise provides a timely capital boost but sets the stage for important funding decisions in the coming months.
Questions in the middle?
- Will Alice Queen convert the notes into equity or seek alternative refinancing?
- What specific exploration targets will the new funds prioritize?
- How might the attaching options impact future share dilution?
