Alice Queen (ASX:AQX) has received firm commitments for a placement to raise around $960,000 to continue diamond drilling at its Viani Gold Project in Fiji.
Major shareholder Gage Resource Development has agreed to participate in the placement, which is being led by GBA Capital, to maintain its 51% stake in Alice Queen.
The explorer plans to issue shares at $0.004 each in two tranches, with the first raising $411,000 of the total and the second raising the remaining $550,224 and subject to shareholder approval.
Investors participating in the placement will also receive one free attaching option exercisable at $0.008 before the end of June 2028.
Two of Alice Queen’s directors have also agreed to participate in tranche two of the placement, subject to shareholder approval.
The junior explorer, which has a market capitalisation of around $7 million, plans to use the funds to continue exploration and diamond core drilling at Viani, review its existing project portfolio and continue assessing new opportunities.
In mid-April, Alice Queen revealed it would add another drill hole to its maiden diamond drilling program at the Viani Project after intersecting the target zone 300m below surface.
The first two holes at Viani returned gold grades of up to 26.4 grams per tonne, which the company believes demonstrates a “high-grade” epithermal gold zone from surface to a depth of 175m.
Previous surface exploration has outlined a 3km long gold-silver-arsenic-antimony-lead-zinc-barium anomaly that correlates with low sulphidation epithermal quartz veining.
Alice Queen is an explorer focused on developing gold and copper projects in Australia and Fiji.
Write to Angela East at Mining.com.au
Images: Alice Queen
