Horizon Minerals Limited (ASX: HRZ) Secures Funding for Project Development
Funding Initiatives
Horizon Minerals Limited (ASX: HRZ) has executed a Share Subscription Agreement with Golden Crane Holdings Limited. This agreement facilitates a two tranche Private Placement to issue 213,888,888 ordinary shares at A$0.045 each, raising A$9,625,000 in cash.
The new funds will support existing and further project development, alongside potential debt retirement or refinancing. This initiative follows the company’s earlier approval for the development of the Boorara project, which includes four open pits containing 1.24 million tonnes of ore with a grade of 1.24g/t Au, contributing approximately 49.5koz of gold.
Operational Progress
The first ore stockpile of 54,380 tonnes is currently being processed and on its way to the Paddington mill for imminent gold production. Mining activities at Phillips Find commenced in October 2024, in a Joint Venture with BML Ventures Pty Ltd, and processing of 200,000 tonnes is set to begin in February 2025 at Greenfields Mill.
Executive Comments
Managing Director and CEO, Mr Grant Haywood, expressed enthusiasm about the funding, stating, “We are very pleased to have the support of a new private equity investor who has committed to provide $9.625 million to fund the Company’s ongoing project developments.” He added optimism regarding the future production from Boorara and Phillips Find, especially with current high gold prices.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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