24th Nov 2021 18:03
Horizonte Minerals PLC - nickel company focused on Brazil - Issues 2.10 billion shares at a price of 7.0 pence per share, which will raise GBP147.4 million.
This consists of 606.1 million shares via the UK placing, raising GBP42.4 million; 126.1 million shares through the Canadian placing raising GBP8.8 million; and 74.7 million shares from the Glencore PLC subscription, raising GBP5.2 million.
In addition, Orion Mine Finance Fund III LP has subscribed for 533.8 million shares at GBP37.4 million, and La Mancha Investments Sarl has subscribed for 759.1 million shares at GBP53.2 million.
BMO Capital Markets Ltd and Peel Hunt LLP acted as joint global coordinators and bookrunners, and H&P Advisory Ltd as joint bookrunner.
Meanwhile, open offer is intended to raise USD8 million on the basis of one new share for every 20 existing shares held.
On Tuesday, Horizonte Minerals said it entered investment and subscription agreements to establish a comprehensive funding package of USD633 million, which would go towards the construction of the Araguaia project and bringing it into production.
"I am delighted to announce completion of the equity fundraise. I would like to thank all existing shareholders for their continued support throughout our journey to reach this significant milestone, and to welcome our new shareholders as we embark on this exciting new phase of Horizonte's story as we commence construction at Araguaia and progress feasibility work at Vermelho," says Chief Executive Officer Jeremy Martin.
Current stock price: 7.00 pence, down 14% on Wednesday
Year-to-date change: down 4.8%
By Dayo Laniyan; [email protected]
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