14th Nov 2014 08:37
LONDON (Alliance News) - Horizonte Minerals PLC saw its shares rise on Friday after it said it has raised CAD10.6 million via its previously announced Canadian public offering and UK private placement.
Horizonte shares were up 5.7% to 3.70 pence per share on Friday morning.
On July 16, the Brazil-focused nickel development company said Paradigm Capital Inc would be the exclusive agent for the deal and would 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 would act as placing agent for the planned UK placing at the Canadian offer price, which is roughly 6.0 pence per share.
In an announcement today, the company said it has raised a total of CAD10.6 million via existing shareholders, including Teck Resources and new institutional investors.
The funds will be used to progress the Araguaia project's bankable feasibility study in 2015, it said in a statement.
Horizonte have also submitted a social impact assesment to the relevant agency and expects to be awarded a preliminary license during the first half of 2015.
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.
By Joshua Warner; [email protected]; @JoshAlliance
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