Alice Queen (ASX:AQX) is conducting a partially underwritten, non-renounceable pro-rata entitlement offer to raise $5.77 million to fund activities at the Horn Island Project in Far North Queensland.
Shareholders will be eligible to acquire one new share for every three shares held on the record date of 11 May 2026 at an issue price of $0.009 each.
The entitlement offer is partially underwritten by GBA Capital, with the rights issue expected to open on 14 May before closing on 4 June.
Shareholder Gage Resource Development has committed to take up its entitlement in full and to sub-underwrite a number of new shares from the shortfall on a priority basis.
Gage will have a maximum of 51% of the post-rights issue shares.
Funds will be used to further exploration at Horn Island, including diamond core drilling, progressing an updated resource estimate and Scoping Study, advancing the approvals process for a mining lease application, and providing general working capital.
The Horn Island Gold Project is an intrusive-related gold system located in the Torres Strait in Far North Queensland.
Alice Queen is a gold and copper explorer focused on developing mining opportunities in Australia and Fiji.
Write to Maddison Elliott at Mining.com.au
Images: Alice Queen
