Horizon Minerals (ASX:HRZ) is set to raise $30 million through a two-tranche placement, managed by Petra Capital, to bolster its resource and exploration drilling programs and fund refurbishment efforts at the Black Swan processing plant. The company will issue over 697.67 million shares at $0.043 each, a 12.2% discount from the previous closing price on May 21, 2025. Tranche one aims to raise $11.8 million, settling on May 29, 2025, while tranche two targets $18.2 million, pending shareholder approval, expected to settle in July.
With a market capitalization of $107.36 million, Horizon Minerals plans to allocate the raised capital towards resource extension and infill drilling at Burbanks, commencing in June 2025, and accelerating drilling activities at Crake and Coote. Exploration will target greenfields and brownfields deposits, including Wilsons, Kestrel, Phillips Find, Greater Boorara, and Nimbus. CEO Grant Haywood stated that the placement provides a capital buffer to advance projects while awaiting the processing of the Boorara stockpile.
