Horizon Minerals Limited (ASX: HRZ) has announced a $175 million fully underwritten two-tranche placement to fund the development of its Black Swan Processing Hub (BSPH) near Kalgoorlie. Horizon Minerals is a Western Australian based junior exploration company focused on near-mine development and production opportunities in the Kalgoorlie and Coolgardie regions. The company will issue approximately 162 million new fully paid ordinary shares at a price of $1.08 per share.
The placement, which has the ability to accept oversubscriptions, will be conducted in two tranches. The first tranche, worth approximately $55 million, will be issued under the company’s existing capacity under ASX Listing Rules 7.1 & 7.1A. The second tranche, worth approximately $120 million, is subject to shareholder approval at a general meeting scheduled for around 7 April 2026, including approval under ASX Listing Rule 10.11 for director participation.
In addition to the placement, Horizon Minerals will offer eligible shareholders on the record date of 16 February 2026 the opportunity to participate in a share purchase plan (SPP) at the same price as the new shares issued under the placement. Participation in the SPP will be capped at $10 million before costs and is not underwritten. Funds raised from both the placement and the SPP will be used for Black Swan Processing Hub refurbishment and gold conversion, site and infrastructure development, open pit and underground pre-production activities, exploration and geology, pre-production operating costs, contingency, working capital, and offer costs.
The offer price of $1.08 per new share represents a 12.6% discount to the closing price of Horizon Minerals’ shares on 16 February 2026, and a 14.4% discount to the 5-day volume weighted average trading price up to and including 16 February 2026. Petra Capital Pty Limited is acting as Sole Lead Manager, Sole Bookrunner and Sole Underwriter to the Placement.
