• Firm commitments to raise A$175M via a two-tranche placement
• Share purchase plan (SPP) offer to eligible shareholders targeted to raise up to A$10M
• Funds to be used for the Black Swan Processing Hub refurbishment and development

Horizon Minerals Ltd has received firm commitments to raise A$175 million (before costs) via a two-tranche underwritten placement to tier one institutional, high net worth investors and supportive existing shareholders. The company is also offering a share purchase plan (SPP) to eligible shareholders to raise up to an additional A$10 million. The funds raised will be applied to the refurbishment and gold processing conversion of the Black Swan Processing Hub, site infrastructure, open pit and underground pre-production, exploration and geology, pre-production operating costs, contingency, working capital and offer costs. The placement comprises an unconditional first tranche to raise approximately A$55 million, and a conditional second tranche to raise approximately A$120 million, which is subject to shareholder approval. The offer price of A$1.08 per new share represents a 14.4% discount to the 5-day volume weighted average price. Horizon Minerals' Managing Director, Grant Haywood, stated that the capital raising cements the underlying fundamental value creation opportunity of the Black Swan Processing Hub and positions the company to fund its development, creating a strategically valuable regional gold processing facility.

The capital raising represents an important juncture for Horizon Minerals as the company is now positioned to fund the development of the Black Swan Processing Hub and create value for shareholders from its 1.9 million ounce resource.