Launch of A$175M underwritten placement

• Fully underwritten two-tranche placement to raise A$175 million
• Funds to be used for development of Black Swan Processing Hub
• Non-underwritten share purchase plan of up to A$10 million

Horizon Minerals Ltd (ASX: HRZ) has announced a fully underwritten A$175 million two-tranche placement to local and offshore institutional and sophisticated investors. The placement will be issued at A$1.08 per new share, representing a 12.6% discount to the last closing price and a 14.4% discount to the 5-day VWAP. The funds raised will be used for the refurbishment and gold conversion of the Black Swan Processing Hub, site and infrastructure, open pit and underground pre-production, exploration and geology, pre-production operating costs, contingency, working capital and offer costs. The company will also offer eligible shareholders the opportunity to participate in a non-underwritten share purchase plan of up to A$10 million at the same price as the placement. Petra Capital Pty Limited is acting as Sole Lead Manager, Sole Bookrunner and Sole Underwriter to the placement, with Euroz Hartleys Limited as a Co-Manager.