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Horizonte Minerals PLC - nickel development company focused on projects in Para State, Brazil - Says senior lenders have agreed to extend waivers, including deferral of interest from interim funding package announced on December 27, until March 29. Existing senior lenders previously agreed to said waivers to the end of February. Company adds that the borrower, Brazilian subsidiary Araguaia Niquel Metais Ltda, may need to adopt protective measures and have its creditors approve a restructuring plan. Horizonte is a guarantor of ANML's debt.
Company continues to maintain "a strong focus...on controlling costs during this period", but expects to require additional interim funding to implement a "full funding solution". Says it will continue working closely with major shareholders and senior lenders on such a solution, targeted for the end of the second quarter. Cautions however that a refinancing and restructuring solution does not guarantee a positive outcome for existing shareholders and noteholders.
Current stock price: 3.22 pence, down 14% on Friday afternoon
12-month change: down 98%
By Emma Curzon, Alliance News reporter
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