Horizon Minerals (ASX:HRZ) has opened a share purchase plan (SPP) offer for shareholders to subscribe for a package starting at $2,000 and up to $30,000.
The SPP opened today (26 February), and will close at 5pm AEDT on 10 March, following on from an underwritten placement to fund development activities at the Black Swan Processing Hub in Western Australia.
As reported by Mining.com.au, the company will issue 162 million shares at $1.08 each to raise $175 million, representing a 14.4% discount to the five-day volume weighted average price and a 12.6% discount to the last closing price.
The SPP intends to raise $10 million, together with placement funds for the refurbishment and gold processing conversion of the BSPH, site infrastructure, pre-production at the open pit and underground mines, exploration, and pre-production operating costs.
Horizon Minerals is an emerging mid-tier gold producer focused on projects in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Horizon Minerals
