Alice Queen (ASX:AQX) eyeing $1.5m for Horn Island – The Market Herald

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  • Advanced Gold and Copper Explorer Alice Queen (AQX) Receives Firm Commitments for $1.5M Placement
  • More than 255 million shares will be issued to sophisticated and professional investors at 0.6 cents, a 16.6% discount to the five-day volume-weighted average price
  • Alice Queen intends to issue participants an option for two subscribed shares, exercisable at 1.3 cents with an expiration of three years from issue
  • Once received, the company will use the money to undertake exploratory drilling at Horn Island and advance discussions regarding joint venture opportunities on NSW projects.
  • Shares of Alice Queen ended the day down 25% at 0.6 cents

Advanced gold and copper explorer Alice Queen (AQX) has received firm commitments for a placement of $1.5 million.

A total of 255,366,667 shares will be issued to professional and sophisticated investors at 0.6 cents, representing a 16.6% discount to the five-day volume-weighted average price.

Alice Queen intends to issue participants an option for two subscribed shares, exercisable at 1.3 cents and expiring three years after issue.

Once received, the company will use the money to undertake exploratory drilling at Horn Island and advance discussions regarding joint venture opportunities on NSW projects.

On March 1, Alice Queen has announced that it has begun testing the first target generated via a recent survey carried out at the Horn Island gold project in Queensland.

The focus is on a large-scale chargeability anomaly that spans more than 1.4 kilometers.

Alice Queen will aim to intersect the anomaly at depth and below surface alteration, stockwork veining and mineralization.

Shares of Alice Queen fell 25% and were trading 0.6 cents at market close.

Tana T. Thorsen