Horizon Gold (ASX:HRN) has closed a $7.5 million entitlement issue that was raised on the basis of 1 new fully paid ordinary share for every 5 shares held, at an issue price of $0.30.
The company last Friday announced that the offer closed on 6 November 2023 and that it has received acceptances in respect to just over 20.258 million shares representing a 81% take up of the entitlement offer.
The total funds from these acceptances was about $6.08 million.
Horizon Gold’s directors are considering placing the shortfall of some $1.433.
The company says it is pleased with the level of acceptances and the new shares are expected to be issued on or before 13 November 2023.
As part of the entitlement issue process Horizon has repaid in full short-term loans of $4.06 million to a subsidiary company of Horizon’s major shareholder Zeta Resources. The loan facilities were unsecured, had an interest rate of 8% per annum and repayment was not due earlier than 31 December 2023.
Write to Adam Orlando at Mining.com.au
Images: Horizon
