Horizon secures A$6m for Boorara work

According to Mining News Pro - Horizon on Monday announced that it would raise an initial A$2-million through the placement of 25-million shares, at a price of 8c each.
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The offer price represented an 8% premium to Horizon’s last closing price on March 10, and a 10% discount to its 15-day volume weighted average share price.

In addition to the share placement, Horizon has also struck a A$4-million working capital facility agreement with Sparta AG, with a maturity date of 18 March 2021 and an interest rate of 20% a year calculated quarterly and payable on maturity.
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Horizon said on Monday that the funds raised will go towards working capital and to fund the initial stage of the Boorara gold mine, with mining planned to start in the June quarter and first gold scheduled for the September quarter of this year.

Ore will be processed at Golden Mile Milling’s one-million-tonne-a-year Lakewood mill under a toll milling agreement struck earlier this year.

Funds will also go towards accelerating the reserve conversion and resource growth at Boorara.