Finance Agreements Executed to Advance Cannon Gold Project
Perth, Nov 23, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to advise further to the announcement of 19 October 2022 ("Funding Agreed to Advance Cannon Gold Project") that the Company has executed a detailed Loan Agreement and General Security Deed with Nebari Partners LLC ("Nebari") for a US$5 million secured credit facility. The credit facility is comprised of a two tranche Convertible Loan Facility with US$2 million in Tranche 1 and US$3 million in Tranche 2.
The Facility is subject to conditions precedent typical for a transaction of this nature including, but not limited to, obtaining prior shareholder approval which scheduled for the upcoming Annual General Meeting on 25 November 2022 @ 2pm.
Proceeds from the Facility will immediately be used to settle the A$2.1 million deferred Cannon payment to Aurenne and to contribute to the upfront capital costs of the proposed Cannon underground mine.
Nebari is a United States-based manager of privately offered pooled investment vehicles including Nebari Natural Resources Credit Fund I, LP and Nebari Gold Fund 1, LP, which are funding this transaction. The leadership team has deep experience with leading global mining companies and financial institutions. Nebari is known for partnering with motivated and capable management teams focused on achieving clear plan targets.
To view the Convertible Loan Facility key terms, please visit:
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