Alice Queen Limited (ASX: AQX), a mineral exploration company focused on gold and copper projects, has announced a non-renounceable pro-rata rights issue aimed at raising up to approximately $5.77 million before costs. The offer enables eligible shareholders to subscribe for one new fully paid ordinary share for every three existing shares held at an issue price of 0.9 cents per New Share. The prospectus, lodged with the Australian Securities & Investments Commission (ASIC) on May 6, 2026, designates May 11, 2026, as the record date for entitlements, with the offer set to close on June 4, 2026.
The Rights Issue is partially underwritten by GBA Capital Pty Ltd, covering a maximum amount of $2,183,633.53, which represents up to 242,625,947 new shares. Demonstrating strong support for the capital raise, substantial shareholder Gage Resource Development Pty Ltd has committed to taking up its full entitlement, equating to 278,385,639 new shares or $2,505,470.74. Furthermore, Gage will priority sub-underwrite any shortfall from the Rights Issue to ensure its post-capital raise holding does not exceed 51% of Alice Queen’s shares, maintaining consistency with its prior ownership.
Funds generated from this capital raising initiative are primarily earmarked for the Company’s Horn Island project. Planned expenditures include further exploration activities, notably diamond core drilling, and progressing an updated Mineral Resource Estimate and Scoping Study. Additionally, a portion of the funds will advance the approvals process for the Horn Island Mining Lease Application. The remaining proceeds will be allocated towards identifying new opportunities and general working capital, including covering the costs associated with the Rights Issue.
