LONDON (Alliance News) - Brazil-focused nickel mining development company Horizonte Minerals PLC on Friday said it has received a tranche of funding from its recent placing.
Horizonte said it has received GBP1.1 million from the first tranche of shares issued in London, a total of 112.5 million placed at 1.0 pence per share. Shares in the company were untraded on Friday morning, having last traded at 1.52 pence.
The company said the remaining 42.5 million shares, which will be issued at the same price, will be allotted once the company satisfies certain conditions of the Toronto Stock Exchange.
Horizonte has issued the shares to cover part of the payment due for the acquisition of the Araguaia nickel project in Brazil from Glencore PLC, the embattled miner and trading house.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Horizonte Minerals (HZM)
Glencore (GLEN)