Alice Queen raises exploration funds
PERTH (miningweekly.com) – Junior Alice Queen will raise A$7-million to fund exploration.
The company would issue more than 159-million shares, priced at 4.4c each under its existing placement capacity, with the company saying on Monday that the placement was strongly supported by a range of institutional and sophisticated investors.
The offer price represents an 11% discount to Alice Queen’s last closing price.
“It is very pleasing to have such strong and widespread support for the company, including significant investment for each of our two largest shareholders, Chris Morris and Emanual Datt. It is a strong endorsement of our strategy and we thank all of the participants in this placement, both old and new, for their support,” said Alice Queen MD Andrew Buxton.
Proceeds from the placement will be used to fund exploration work at the company’s assets in New South Wales and its flagship Horn Island gold project, in the Torres Strait.
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