Alice Queen Ltd (ASX:AQX) has completed a $1.5 million private placement with funds to go towards exploration drilling at Horn Island Gold Project and the progression of advanced discussions for joint venture opportunities on NSW projects to accelerate further drilling.
The company received binding commitments from professional and sophisticated investors and will issue up to approximately 255,366,667 shares at a $0.006 per share reflecting a 16.6% discount to the 15-day volume weighted average price (VWAP).
The placement shares will be completed in two tranches of:
- 166,666,666 ordinary shares without shareholder approval
- 88,700,001 ordinary shares to be issued subject to shareholder approval at the next general meeting of the company, which is anticipated to be held in mid-June 2022.
For every two shares subscribed for by investors in the placement, AQX intends to issue investors an option, with an exercise price of A$0.013 and maturity of three years from the date of issue, subject to shareholder approval at the next general meeting of the company.