Alice Queen’s (ASX:AQX) largest shareholder Gage Resource Development has agreed to invest a further $3.6 million to assist in rapidly advancing the company’s gold exploration in Fiji.
Gage, which currently has an 18.67% shareholding, is a subsidiary of Beijing Gage Capital Management, a Beijing-based private equity group with US$1.6 billion in funds under management.
If the transaction is approved, Gage will move to a 51% shareholding in the company.
Alice Queen’s board supports the proposed transaction which includes the issuing of 450 million shares at $0.008, a 60% premium to Alice Queen’s 30-day volume weighted average price (VWAP), which is $0.005.
Funds raised will be applied to advancing exploration at the company’s Sabeto and Viani projects in Fiji which will likely include diamond core drilling.
Gage will have the right to appoint a second director to the board, being Gage Capital Chairman Wang Jianying, if the deal receives approval.
PKF Melbourne has been engaged to prepare an independent experts report (IER) which will accompany the notice of meeting seeking approval of the Gage investment.
Cut-off for the completion of the subscription is 30 June 2024.
Alice Queen is an explorer with a portfolio of projects prospective for gold and copper-gold in New South Wales, the Torres Strait, and Fiji.
Write to Adam Drought at Mining.com.au
Images: Alice Queen
