Horizon Minerals Limited (ASX:HRZ) advises of the divestment of a portion of its listed investment portfolio generating $2 million in cash.
As previously noted, the Company’s intent is to monetise certain listed investments over time to meet the ongoing cash flow needs of the business.
Horizon has fully divested its shareholdings in Red Dirt Metals Ltd and Cyprium Metals Ltd. The nonescrowed portion of the Company’s shareholding in Metal Hawk Ltd has also been sold.
Proceeds from the sale of shares will be used to part fund the large-scale multi-commodity exploration program that commenced in the March Quarter 2022 and for general working capital.
Following the sale, the listed investment portfolio is valued at ~$7.3 million and summarised in link below:
Current cash at bank totals $3.5 million.
Commenting on the divestments, Managing Director Jon Price said:
“Horizon has been successful in creating shareholder value through the divestment of non-core assets to groups with better alignment and capacity to take the projects forward. This has been a successful strategy in creating value for both sides. We have worked closely with our investment companies to minimise any market disruption from share sales and will continue to do so.
“Proceeds from the recent share sales, combined with the current cash position, will contribute to the large-scale multi-commodity exploration program for 2022 that commenced earlier this quarter.”
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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