Alice Queen Ltd provides strong backing for placement, raising $ 1.5 million to move Horn Island forward
“As the Horn Island scoping study draws to a close, we are delighted to have completed a capital increase that will allow us to accelerate further exploration at Horn Island,” said MD.
() has received firm commitments to raise $ 1.47 million through a strongly backed private placement at $ 0.011 per share.
The offering was largely oversubscribed, with strong support received from main shareholder Chris Morris as well as several existing shareholders and new institutional and sophisticated investors.
In particular, the funds will be used to finalize the scope study for the Horn Island gold project, accelerate exploration activities at Horn Island and provide working capital flexibility.
“Accelerate the pursuit of exploration”
Alice Queen Managing Director Andrew Buxton said: “As the Horn Island scoping study draws to a close, we are delighted to have finalized a capital increase that will allow us to accelerate the pursuit of exploration at Horn Island.
“With the scoping study on track for delivery in October 2021, it is exciting to simultaneously restart exploration there.
“As a backdrop, it is reassuring to have received broad support for this increase, including a significant investment from our largest shareholder, Chris Morris.
“We would like to thank all participants in this course, existing and new, for their support. “
The placement will result in the issuance of 133,636,365 shares at $ 0.011 per share, reflecting a discount of 20.4% from the last closing price of $ 0.014 and a discount of 20.4% from the weighted average price in volume function (VWAP) over 15 days.
For each tranche of two shares subscribed for under the placement, the company intends to issue an option, with an exercise price of $ 0.03 and a maturity of two years from the date of issue, subject to the approval of the shareholders at the next general meeting of the company.
The placement shares will rank pari passu with the existing shares on issuance and are expected to be granted on September 3, 2021 and will be issued without shareholder approval as part of the remaining investment capacity of the company.
Alice Queen has hired Henslow Pty Ltd as the lead placement officer.
– Ephrems Joseph