Alice Queen Limited secures significant investment for gold exploration

Alice Queen Limited (ASX: $AQX) announces that its largest shareholder, Gage Resource Development Pty Ltd, has agreed to invest a further $3.6 million to support the rapid advancement of the Company's gold exploration activities. The investment will see Gage move to a 51% holding in the Company, subject to shareholder approval at a General Meeting. The proposed transaction represents a 60% premium to the AQX 30-day VWAP and will be accompanied by an Independent Expert's Report prepared by PKF Melbourne.

Executive Commentary on Gage Capital's Investment

As a result of our recent field trip, we have come to appreciate the exploration potential of Alice Queen and decided to invest further capital to enable the Company to plan and execute a more aggressive and focused exploration program. We are excited about the potential for Alice Queen to develop a significant gold resource base. - Mr Wang Jianying, Chairman of Gage Capital

Summary of Alice Queen's $3.6 million investment for gold exploration

Gage Resource Development Pty Ltd, a subsidiary of Beijing Gage Capital Management Co Ltd, has agreed to invest $3.6 million in Alice Queen Limited to support the rapid advancement of the Company's gold exploration activities in Fiji. The investment, subject to shareholder approval, will enable the Company to accelerate exploration at its Sabeto and Viani projects, including diamond core drilling and working capital. The proposed transaction represents a 60% premium to the AQX 30-day VWAP and reflects a strong show of support for Alice Queen's current strategy. The Company's Board of Directors strongly supports the proposed transaction and is optimistic about the new opportunities that exist with Gage as a partner. The Company will provide further updates on the status of the notice of meeting and independent expert's report in due course.