Horizon Minerals is planning to raise $4 million to continue large-scale exploration programs across the company’s asset portfolio, including new discovery gold and nickel drilling at the Yarmany, Lakewood and Greater Boorara-Cannon project areas in the Kalgoorlie region of Western Australia.
Horizon is an emerging mid-tier gold producer with an extensive portfolio of highly prospective gold projects located in the heart of the world class Western Australian goldfields.
The company was formed in June 2019 after a merger of Intermin Resources and MacPhersons Resources, giving access to a large resource base of over one million ounces of gold covering a total area of 1100 square kilometres, growth options in multiple commodities and a clear development and production strategy.
The placement of about 44.4 million fully paid ordinary shares at 9 cents per share received strong support from existing and new Australian and international institutional and sophisticated investors.
Horizon will also offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) on the same terms as the placement to raise up to another $2 million.
Funds from the placement and the SPP, along with its existing cash reserves and listed investments, will put Horizon in a strong balance sheet position to pursue its growth opportunities.
Horizon managing director Jon Price said the Company the funds would accelerate the aggressive resource growth and new discovery drilling program, testing multiple targets for both precious and base metals.
The SPP shares and pptions will be offered under a Prospectus.
