Horizonte Minerals Plc (AIM: HZM | TSX: HZM), the nickel development company focused on Brazil, has successfully completed an oversubscribed fundraise for £70.5M.
Following significant institutional demand in the bookbuild from existing and new investors, Horizonte’s board decided to upsize the placing, increasing the gross proceeds from approximately £61.7M (approximately US$70M) to £70.5M (approx. US$80M) and to reduce the participation by La Mancha from approximately £23.8M (approx. US$27M) to £22.0M (approx. US$25.0M) (before expenses).
Jeremy Martin, Chief Executive Officer of Horizonte, commented: “I am pleased to announce the completion of the fundraise. I would like to thank all existing shareholders for their continued support and welcome our new shareholders as we work towards first production at Araguaia in Q1 2024 and in parallel progress feasibility work at Vermelho.
“Significant progress has been made since we broke ground at Araguaia in May and we remain well positioned to transition into a scalable Tier 1 nickel producer. We look forward to updating the market as construction advances at Araguaia.”
A total of 77,945,627 new ordinary shares in the capital of the company have been conditionally placed with, or subscribed for by, new, and existing investors at the placing price. Horizonte has stated that the incremental fundraise proceeds will be used for contingencies and general working capital purposes.
The fundraise shares will represent 40.9% of the issued ordinary share capital of the company prior to the fundraise.
To find out more, visit: https://horizonteminerals.com/uk/en/
