Alice Queen (ASX:AQX) is raising $1 million to fund a resource update at the Horn Island Project in Queensland, as well as exploration at the company’s Fijian assets.
Across a two tranche placement, the company will issue 122.28 million shares at $0.004 to raise the first $489,000, before issuing the remaining 127.72 million shares in the second tranche to obtain the remaining $511,000.
Shares issued in tranche two are proposed to include privately held Gage Resource Development in order to maintain its 51% holding, following shareholder approval at a December general meeting.
GBA Capital acted as the lead manager in this placement, which intends to issue tranche one shares on 31 October 2025.
Holders will be eligible to receive one free-attaching option, exercisable at $0.008 until 30 June 2028, for every two shares subscribed in this placement, also subject to shareholder approval.
Alice Queen also intends to issue one bonus loyalty option for every 10 shares held in the company by an anticipated record date of 30 October, under the same option conditions. This offer does not account for shares subscribed in this placement.
While conducting exploration activities at the Viani Gold Project in Fiji, the company intends to update its resource estimate for the Horn Island Project. Horn contains a resource of 16.7 million tonnes @ 0.98 grams per tonne gold for 524,000 ounces in the indicated and inferred categories.
Alice Queen is a gold and copper explorer focused on developing its Australian and Fijian projects.
Write to Maddison Elliott at Mining.com.au
Images: Alice Queen
