Gold aspirant Horizon Minerals has announced plans to raise $30 million in a bid to accelerate drilling activities across several of its exploration assets.
Gold aspirant Horizon Minerals has announced plans to raise $30 million in a bid to accelerate drilling activities across several of its exploration assets.
Monday’s market update is the second significant capital raise for Grant Haywood-led Horizon in the space of five months – after the company tapped investors for $9.6 million back on January 10.
On that occasion, Horizon allocated proceeds from the funds to accelerate development of its Boorara gold project in Western Australia’s Goldfields.
In a statement, Mr Haywood said the latest raise would also provide an ideal capital buffer for the company, as processing of stockpiled ore from Boorara – which was first hauled to Paddington mill in December last year – continues.
Under its latest capital raise, Horizon told the market it would issue around 697.6 million at an issue price of 4.3 cents.
This price represents a 12.2 per cent discount to the company’s closing price prior to ducking into a trading halt on May 21.
Petra Capital was appointed as sole bookrunner and lead manager for the placement.
“The placement provides an important working capital buffer as we await the processing of a significant Boorara stockpile in the coming months,” Mr Haywood said.
“This will allow us to keep building the momentum at our mining operations while also accelerating resource and exploration drilling in conjunction with refurbishment studies at Black Swan.
“We look forward to putting investors’ funds to work.”
During its April 2025 quarter, Horizon poured its first gold from Boorara in relation to its ore sale agreement with Paddington mill, while it also finalised its merger with Poseidon Nickel.
Horizon last traded at 4.8 cents, down 3 per cent, as of 11.03am AWST.
