Alice Queen (ASX:AQX) has received binding commitments from unrelated professional and sophisticated investors for a $1.25 million capital raising.
The advanced gold and copper explorer reports that the placement will involve the issue of up to about 416.7 million ordinary shares at a price of $0.003 per share of which more than 254.9 million ordinary shares will be issued under its placement capacity.
For every two shares subscribed for by investors, Alice Queen intends to issue investors an option, with an exercise price of A$0.008 and maturity of 3 years from the date of issue, subject to shareholder approval.
proceeds of the placement will be used to start exploration in Fiji, progress exploration in New South Wales
The proceeds of the placement will be used to start exploration in Fiji, progress exploration in New South Wales, and to continue discussions for joint venture opportunities on its NSW projects to accelerate further drilling.
The company intends to seek quotation of these options once issued, subject to meeting the quotation requirements of the ASX and the company issuing a prospectus for the options.
Alice Queen is an Australian based mineral exploration company listed on the Australian Securities Exchange with a portfolio of projects in Australia and Fiji.
