en.Wedoany.com Reported - Australian mineral exploration company Alice Queen Ltd (ASX: AQX) announced on June 1 that it has extended the closing date of its partially underwritten non-renounceable pro-rata entitlement offer to June 12, 2026. The extension aims to facilitate eligible shareholders' participation in the subscription. The company previously announced on May 1 that it plans to raise A$5.77 million through this offering to advance exploration and development work at the Horn Island Gold Project in northern Queensland.
The rights issue offers 1 new share for every 3 existing shares at an issue price of A$0.009 per share, with the record date set for May 11, 2026. The offer is partially underwritten by GBA Capital. Shareholder Gage Resource Development has committed to fully subscribing for its entitlement and will provide sub-underwriting on a priority basis for any shortfall, with Gage's maximum shareholding reaching 51% after the rights issue.
The funds raised will be used for geological exploration at the Horn Island Gold Project, including diamond core drilling, updating mineral resource estimates, advancing a pre-feasibility study, accelerating the mining lease application approval process, and supplementing general working capital. The Horn Island Gold Project is located in the Torres Strait, approximately 17 kilometers from Cape York Peninsula, and is an intrusion-related gold system.
Founded in 2002 and headquartered in South Yarra, Australia, Alice Queen Ltd is listed on the Australian Securities Exchange (ticker code AQX) and focuses on the exploration of gold, copper, and critical minerals across Australia and Fiji. The Horn Island Gold Project is the company's flagship asset, with historical mining areas reporting a mineral resource (Indicated and Inferred) of 16.7 million tonnes at 0.98 g/t gold, containing approximately 524,000 ounces of gold. In April 2026, the company completed an exploration target estimate for the project, with a hard rock exploration target of 34.6 to 52.0 million tonnes at 0.88 to 1.32 g/t gold, containing 1.22 to 1.83 million ounces of gold; and a tailings and alluvial exploration target of 25.1 to 37.6 million tonnes at 0.31 to 0.46 g/t gold, containing 310,000 to 460,000 ounces of gold.
The extension of the rights issue closing date does not alter other terms of the offer, maintaining continuity in the company's capital management strategy and providing existing shareholders with more time to participate in the offering, supporting the funding needs for subsequent exploration and development at the Horn Island Project.
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