Horizonte Aims to Raise 3.082 Million Pounds for Brazil Nickel Project

Horizonte Minerals plc (TSX:HZM) announced that it plans to raise 3.082 million pounds before expenses through the placing of 41,093,327 new ordinary shares. The company will use the proceeds to fund its wholly owned, Brazil-based Araguaia nickel project to the end of its prefeasibility study.

As quoted in the press release:

Additionally Horizonte has entered into a term sheet to put in place an Equity Financing Facility (‘EFF’) for up to £8.0 million over a period of 36 months with Darwin Strategic Limited (‘Darwin’), a majority owned subsidiary of Henderson Global Investors (‘HGI’).  The EFF provides Horizonte with funding optionality, however the facility is at Horizonte’s option and there are no plans in place to utilise the EFF in the foreseeable future.

Jeremy Martin, CEO of Horizonte, commented:

The Placing also ensures the Company is well funded with £7.3 million in the bank and in robust shape against a backdrop of tough market conditions.  The funds will see the Company through the PFS at Araguaia and into 2014.  The second half of 2013 is going to be an active time for Horizonte and we look forward to updating shareholders on the progress of the Pre-Feasibility study.

Click here to read the full Horizonte Minerals plc (TSX:HZM) press release.