Alice Queen Limited has successfully raised an additional $280,000 from unrelated investors, increasing the size of its tranche two placement to fund key exploration projects and working capital.
- Additional $280,000 raised from unrelated investors
- Total tranche two placement now exceeds $790,000
- Shares priced at 0.4 cents with free-attaching options
- Funds earmarked for Horn Island study and Fiji gold exploration
- Prospectus to be lodged for secondary trading qualification
Placement Upsize Signals Investor Confidence
Alice Queen Limited (ASX – AQX) has announced a successful upsizing of tranche two of its recent placement, securing an additional $280,000 from unrelated investors. This follows the earlier subscription of over $510,000 by its substantial shareholder, Gage Resource Development Pty Ltd, bringing the total raised in this tranche to nearly $791,000. The move reflects growing investor interest in the company’s exploration prospects and strategic initiatives.
Structure and Terms of the Placement
The placement offers fully paid ordinary shares priced at 0.4 cents each, accompanied by one free-attaching listed option for every two shares issued. These options carry an exercise price of 0.8 cents and expire on 30 June 2028, providing investors with potential upside if the company’s projects advance successfully. The shares and options will be issued under the company’s existing ASX Listing Rule 7.1 placement capacity, streamlining the process and avoiding the need for immediate shareholder approval.
Funding Focus – Exploration and Scoping Study
The funds raised are earmarked primarily for updating the Horn Island Scoping Study and advancing exploration activities at the Viani Gold Project in Fiji. These projects are central to Alice Queen’s growth strategy, with the Horn Island study expected to refine resource estimates and development plans, while the Viani project offers promising gold exploration potential in a well-regarded mining jurisdiction. Additionally, a portion of the proceeds will support general working capital needs, ensuring operational flexibility.
Next Steps and Market Implications
The company plans to issue the tranche two shares and options shortly and will lodge a prospectus to qualify these securities for secondary trading. This step is crucial for liquidity, allowing investors to trade their holdings on the ASX with confidence. Market watchers will be keen to see how the additional capital influences Alice Queen’s exploration progress and whether it translates into tangible resource upgrades or project milestones in the near term.
Bottom Line?
Alice Queen’s capital raise strengthens its exploration push, but investors await tangible project progress.
Questions in the middle?
- When exactly will the tranche two shares and options be issued and commence trading?
- How will the updated Horn Island Scoping Study impact the company’s valuation and development timeline?
- What are the near-term exploration targets and milestones at the Viani Gold Project?