Horizonte Minerals Plc (AIM: HZM | TSX: HZM) has published its unaudited financial results for the three-month period to 31 March 2022 and the Management Discussion and Analysis for the same period.
The company concluded the funding package of US$633M in December 2021. The net proceeds of the fundraising will be used towards the construction of the Araguaia project as well as for general working capital purposes. The equity fundraise (US$197M of the US$633M) was finalized and funds were received in December 2021.
The debt elements of the funding package include Convertible Loan Notes (US$65M), a Cost Overrun Facility of US$25M, and a Senior Debt Facility of US$346.2M were closed during March 22. First draw is expected on from the senior debt facility in late Q3 22.
Horiztone Minerals has changed its presentation currency from pounds sterling to US dollars, effective 1 January 2022. The presentation currency has been revised as the financing package concluded by the group to construct the Araguaia project is denominated in US dollars and future revenues will also be in US dollars. The board, therefore, believes that US dollar financial reporting provides a more relevant presentation of the group’s financial position, funding and treasury functions, financial performance, and cash flows.
To find out more visit: https://horizonteminerals.com/uk/en/
