Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to announce it has received firm commitments for a two tranche placement of new shares to investors to raise ~A$30 million in cash before costs (“Placement”).
HIGHLIGHTS
- Proposed two-tranche Placement to local and offshore institutional and sophisticated investors to issue a total of 697,674,418 fully paid ordinary shares at A$0.043 per share for A$30 million in cash before costs
- Placement introduces a number of new institutional investors to the register
- Funds raised will deliver a strong working capital position to support accelerated resource and exploration drilling and refurbishment studies for the Black Swan processing plant ahead of an expected uplift in cash generation from mining operations at Boorara and Phillips Find.
Funds will be applied to:
- Resource extension and infill drilling at Burbanks which will commence in June 2025
- Accelerate resource extension and infill drilling at Crake and Coote
- Greenfields and brownfields drilling at a number of existing targets including Wilsons, Kestrel, Phillips Find, Greater Boorara and Nimbus
- Engineering studies to support the refurbishment of the Black Swan processing plant for gold production
- Working capital ahead of the processing of a significant stockpile of Boorara ore
- Potential debt retirement
Horizon has received firm commitments from investors for a two-tranche Placement of A$30 million at a price of A$0.043 per share (“Placement Price”). The Placement Price represents a 12.2% discount to the last closing price of Horizon shares on 21 May 2025 and a 18% discount to the prior 10-trading day volume weighted average trading price.
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Learn more about Horizon Minerals at HorizonMinerals.com.au