- Emerging mid-tier gold producer Horizon Minerals (HRZ) receives firm commitments to raise $4 million via a share placement
- To raise the funds, 44.4 million shares will be issued to new and existing institutional and sophisticated investors at a price of 9 cents
- Horizon will also be undertaking a share purchase plan to raise up to $2 million with eligible shareholders able to acquire up to $30,000 worth of shares
- The money will be used to continue the exploration program across HRZ’s Greater Boulder, Yarmany and Lakewood project areas
- Horizon is down five per cent on the market with shares trading at 9.5 cents at 11:51 am AEST
Emerging mid-tier gold producer Horizon Minerals (HRZ) has received firm commitments to raise $4 million via a share placement.
To raise the funds, 44.4 million shares will be issued to new and existing institutional and sophisticated investors at a price of 9 cents.
This price represents a 10 per cent discount to Horizon’s closing price of 10 cents on June 23 and a 14 per cent discount to the five-day volume-weighted average price of 10.5 cents.
Shares are expected to settle on June 29 and be issued on June 30.
Horizon will also be undertaking a share purchase plan (SPP) to raise up to $2 million.
Eligible shareholders will be able to acquire up to $30,000 worth of shares which will be priced the same as the placement of 9 cents.
The plan will open on July 1 and close on July 15 with shares to be issued on July 21.
Participants in both the placement and SPP will also receive one free-attaching option for every one share subscribed for, exercisable at 11 cents with expiry on June 30, 2025.
Horizon will use the money from the placement and SPP to continue the exploration program at its Greater Boulder, Yarmany and Lakewood project areas.
The money will put Horizon in a strong position to pursue its growth opportunities.
“The funds to be raised from the placement and SPP enables the company to continue and accelerate the aggressive resource growth and new discovery drilling program testing multiple targets for both precious and base metals,” Managing Director Jon Price said.
Horizon was down five per cent on the market with shares trading at 9.5 cents at 11:51 am AEST.