Horizon Divests Non-Core Assets for Cash and Shares
Perth, Aug 11, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to advise it has reached agreement with Greenstone Resources Ltd (ASX:GSR) to divest the Phoenix and Kangaroo Hill gold projects near Coolgardie in the Western Australian goldfields.
The divestment comprises two mining leases and two prospecting licences making up the projects.
Under the Agreement, GSR will pay $300,000 in cash and shares on the following terms:
- $150,000 in cash on completion
- $150,000 in GSR shares at an issue price equivalent to the VWAP calculated over the 15 trading days prior to the Completion Date and subject to a voluntary escrow period of 6 months
Completion is expected in the September Quarter 2022 and subject to standard conditions precedent for a transaction of this nature including due diligence, Ministerial consent, any third-party assignments and provision of mining information.
Commenting on the divestment, Managing Director Mr Jon Price said:
"The sale of these non-core tenements provides Horizon with both cash and upside exposure to these projects and the other exciting projects being advanced by the Greenstone team."
About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
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