Alice Queen Limited (ASX:AQX) has announced that it has successfully completed a $1.47 million capital raise, before costs, via private placement @ $0.011 per share.
The company reports that the raise was heavily over-subscribed, with strong support from major shareholder Chris Morris, along with a range of other shareholders and institutional investors.
Funds raised are earmarked for the company’s Horn Island Gold Project, and will be focussed on the completion of a scoping study plus exploration activities.
Pushing forward to production at Horn Island
AQX’s Horn Island Gold Project, located ~17km north of the QLD coastline in the Torres Strait, is currently subject to an open-pit mine scoping study following a 7,000m phase-1 drill program.
The project houses a JORC 2012 compliant inferred mineral resource estimate of 7.9Mt @ 1.9g/t Au for 492,000oz contained gold, in a prospect adjacent to the Horn Island Pit which was abandoned in 1989.
The scoping study is expected to deliver an updated mineral resource following phase-2 RC drilling announced on 16th August, that will see AQX drill 49 holes for 1,960m to test ore boundaries, followed by 43 holes for 648m to test legacy gold stockpiles adjacent to the existing resource.
Map of the Horn Island project area displaying planned drill holes in relation to the existing inferred JORC resourcePlacement details
- 133,636,365 new shares @ $0.011 / share, rank equally with existing shares
- 20.4% discount to the last close price / 15-day volume weighted average price
- One option issued for every two shares, @ an exercise price of A$0.03 with maturity at 2 years, subject to shareholder approval
“With the Scoping Study on track to be delivered in October 2021, it is exciting to be concurrently recommencing exploration”
Management comments
Alice Queen Managing Director Andrew Buxton said: “As the Horn Island Scoping Study nears completion, we are pleased to have completed a capital raise that will allow us to accelerate further exploration at Horn Island. With the Scoping Study on track to be delivered in October 2021, it is exciting to be concurrently recommencing exploration there. In the background it is reassuring to have received widespread support for this raise, including a significant investment from our largest shareholder, Chris Morris. We wish to thank all of the participants in this placement, both existing and new, for their support.”
Images: Alice Queen Limited
