Alice Queen (ASX:AQX) has raised $3.56 million before costs through its non‑renounceable pro‑rata rights issue, which closed on 19 June.
The rights issue was made on the basis of one new share for every three shares held by eligible shareholders at $0.009 per share. Major shareholder Gage Resource Development accepted its full entitlement of $2.5 million.
The company received acceptances from eligible shareholders for 302.8 million new shares, raising $2.73 million before costs. This includes Gage taking up its entitlement in full, excluding the priority sub‑underwriting arrangement.
GBA Capital partially underwrote the rights issue, with 92.9 million new shares valued at $836,328 to be issued pursuant to the underwriting. This includes 69.9 million shares worth $629,280 to be issued to Gage under the priority sub‑underwriting arrangement.
Alice Queen expects to issue all 395.8 million new shares today. The remaining shortfall is 245.8 million shares worth $2.21 million, which the company may issue on or before 19 September.
The funds raised will be used to advance activities at the company’s Horn Island Gold Project in Far North Queensland, including exploration and development work.
The rights issue was partially underwritten, with GBA Capital acting as sub‑underwriter. The offer was made to eligible shareholders in Australia, New Zealand, Japan, and China.
“We are pleased with the outcome of the rights issue and appreciate the continued support of our shareholders, particularly Gage Resource Development,” Managing Director Andrew Buxton says.
Alice Queen is an Australian explorer focused on advancing its Horn Island Gold Project, which covers approximately 180km² and hosts significant gold mineralisation.
Write to JC Villarba at Mining.com.au
Images: Alice Queen
