AFR | WA gold play Horizon Minerals launches $175m cash call

The Australian Financial Review

Written by Sarah Thompson, Kanika Sood and Emma Rapaport

Western Australian emerging mid-tier gold producer Horizon Minerals launched a $175 million capital raising on Tuesday morning to bankroll the refurbishment of its Black Swan Processing Hub.

Term sheets presented to fund managers said the offer was being structured as an underwritten two-tranche placement via stockbroker and sole lead manager Petra Capital. New shares were being offered at $1.08 – a 12.6 per cent discount to the last close.

Black Swan is Horizon’s processing facility, acquired in a merger with Poseidon Nickel last year. It has a capacity of 2.2 million tonnes a year but is in care and maintenance, with Horizon considering a low-cost refurbishment. Investors were told the fresh funds would be put to refurbishment and gold conversion, among other things. The company is forecasting first production at Black Swan by mid-2027.

Euroz Hartleys is co-manager on the offer and was calling for final bids by 4 pm.

More to come

Read the article on AFR here