Golden Opportunities: Horizon Minerals Secures Major Investment
In a significant move, Australian gold producer Horizon Minerals has successfully secured A$9.62 million (approximately $5.91 million) in investment through a private placement with Golden Crane Holdings. This substantial injection of capital will be instrumental in driving project development and potentially facilitating debt refinancing or retirement.
Share Subscription Agreement Details
The share subscription agreement (SSA) involves the issuance of approximately 213.9 million ordinary shares at A$0.045 each. This strategic partnership will provide a significant boost to Horizon Minerals’ ongoing project developments at Boorara and Phillips Find Project.
CEO’s Optimistic Outlook
Grant Haywood, Managing Director and CEO of Horizon Minerals, expressed his enthusiasm for the partnership, stating, “We are thrilled to have the support of a new private equity investor who has committed to providing $9.625 million to fund our company’s ongoing project developments. With the gold price at an all-time high, we look forward to ongoing gold production from Boorara and Phillips Find, and further production optionality in the future from our advanced suite of development-ready assets.”
Implementation and Future Plans
The private placement will be implemented in two tranches. Tranche one involves the issuance of 141 million new shares to an unrelated party, while tranche two will consist of nearly 72.9 million new shares, contingent on Foreign Investment Review Board approval, if required. This second tranche aims to raise an additional A$3.28 million.
Project Updates: Boorara and Phillips Find
In late July 2024, Horizon approved the development of the Boorara project, which includes mining a series of four open pits containing 1.24 million tonnes of ore at a grade of 1.24 grams per tonne of gold, yielding an estimated 49,500oz of gold. The first ore stockpile, comprising 54,380t, has undergone assaying and metallurgical test work and is currently being transported to the Paddington mill for imminent gold production.
Meanwhile, mining at Phillips Find commenced in October 2024 through a joint venture with BML Ventures. The first gold-bearing ore is now being mined, with processing of 200,000t scheduled to begin in February 2025 at FMR Investments’ Greenfields Mill and completed by the end of June 2025.
A Bright Future Ahead
With this significant investment and ongoing project developments, Horizon Minerals is poised for a bright future in the gold production industry. As the gold price continues to soar, the company is well-positioned to capitalize on this trend and drive growth in the years to come.
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