16th Jul 2014 13:01
LONDON (Alliance News) - Horizonte Minerals PLC Wednesday provided details of its previously announced Canadian public offering and UK private placement to raise up to CAD10 million.
The Brazil-focused nickel development company said Paradigm Capital Inc will be the exclusive agent for the deal and will offer shares at a price of CAD0.11 per share as part of its Canadian public offering, scheduled to occur along with the linked placing in the UK on or about July 31.
The company said finnCap Ltd will act as placing agent for the planned UK placing at the Canadian offer price, which is roughly 6 pence per share. Horizonte Minerals shares were up 1.8% to 5.98 pence in London on Wednesday.
Horizonte announced the plans to raise up to CAD10 million on Tuesday had not provided its pricing at the time.
Horizonte's major asset is the Araguaia Project in the Carajás mineral district of northern Brazil, which is targeted for production during 2017 and is expected to produce around 15,000 tonnes of nickel per year.
On June 25, the Araguaia development received the Seal of Priority from the state of Para's Department of Industry, Commerce and Mining, giving it priority treatment from the various key organisations involved in its development.
The company said it will use the proceeds from its offer and placing to fund the development of the Araguaia site and for both general working capital and corporate purposes.
By Tom McIvor; [email protected]; @TomMcIvor1
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