Horizon Minerals (ASX:HRZ) is raising $30 million in a two-tranche placement to fund resource and exploration drilling, as well as refurbishment at the Black Swan processing plant in Western Australia.
Petra Capital is the lead manager and bookrunner for the placement.
The company will issue just over 697.67 million shares at $0.043 per share, which represents a 12.2% discount to previous closing price at 21 May 2025.
Tranche one will raise $11.8 million, to be settled on 29 May 2025, with another $18.2 million to be raised in tranche two.
Subject to shareholder approval, tranche two is expected to settle in July.
Horizon, which has a market capitalisation of $107.36 million, will use funds towards its resource extension and infill drill program at Burbanks, beginning in June 2025, as well as accelerating current drilling at Crake and Coote.
The company will target drilling at greenfields and brownfields deposits including Wilsons, Kestrel, Phillips Find, Greater Boorara, and Nimbus.
CEO Grant Haywood says the placement will also offer a capital buffer to advance projects while awaiting the processing of Boorara stockpile.
“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,” Haywood says.
As reported by Mining.com.au, Horizon hopes to advance its gold production at the Black Swan processing plant, by enlisting GR Engineering Services (ASX:GNG) to refurbish the precinct.
Horizon is an exploration company focusing on the production of gold across its portfolio of projects located in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Horizon Minerals
