Horizon Minerals, Poseidon Get Final Court Approval for Merger

The merger between Horizon Minerals (ASX:HRZ) and Poseidon Nickel is now legally effective.

The companies made the announcement in a joint press release on Monday (February 10), saying it follows final approval from the Supreme Court of Western Australia. They first announced the deal in October 2024.

The transaction is set to close on schedule as it was originally expected to go into effect in January or February.

Under the agreement, Horizon shareholders will own 69.8 percent of the merged company, while the remaining 30.2 percent of the entity will be held by Poseidon shareholders. Shares of Poseidon stopped trading on the ASX on Monday.

The new entity consolidates Horizon’s large gold resource and Poseidon’s Black Swan processing infrastructure.

Horizon is bringing to the table its Boorara gold project, which recently successfully made its first gold pour. Boorara will be among the cornerstone assets of the combined company, along with Horizon’s Burbanks project.

The company plans to provide a five year mine plan to fill the Black Swan processing plant.

Black Swan will be converted into a gold plant, a move that the new company believes has the potential to unlock latent value in Horizon’s portfolio and “open up the region for toll milling and further consolidation.”

All cornerstone assets of the company are located in the Kalgoorlie-Coolgardie districts.

Shares of Horizon rose close to 12 percent on Monday, closing the day at AU$0.053.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Horizon Minerals is a client of the Investing News Network. This article is not paid-for content.