Kangaroo Hill and Phoenix Divestment Completed
Perth, Oct 5, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to advise that the divestment of the Kangaroo Hill and Phoenix gold projects near Coolgardie has been completed.
As announced to the ASX on 11 August 2022, the Company agreed to divest 100% interest in the projects to Greenstone Resources Ltd (ASX:GSR) 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
All conditions precedent including provision of signed transfers, all mining information and statutory and third-party consents have now been completed, the $150,000 cash payment and shares in GSR received.
Several expressions of interest have been received regarding the potential divestment of further noncore assets in the northern Kalgoorlie and Coolgardie regions. These expressions of interest are currently being considered by the Company and further details will be provided to the market in line with our continuous disclosure obligations.
Commenting on the divestment, Managing Director Jon Price said:
"The sale of the projects is in-line with our strategy of divesting non-core assets to fund the future growth of the company through exploration and mine development. The rationalisation of the Company's assets also reduces holding costs and distraction, as we focus on the core greater Boorara, Yarmany, Lakewood, Binduli project areas and underground development plans."
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.
Horizon Minerals Limited