(MENAFN - ABN Newswire)
Horizon Minerals Limited (ASX:HRZ) is pleased to advise that the divestment of its interest in two gold royalties has been completed.
As announced to the ASX on 29 March 2021, the Company agreed to divest 100% interest in the royalties to Vox Royalty Corp. (CVE:VOX) ("Vox").
Under the Agreement, Vox will pay A$7 million in cash and shares on the following terms:
- A$4 million in cash upon completion; and
- A$3 million in cash or Vox shares at Vox's election (priced on a 30-day VWAP basis) upon Vox receiving cumulative payments of A$750,000 from the transaction royalties.
All conditions precedent including third party documentation have now been completed and the A$4 million initial consideration payment received.
Proceeds from the royalty divestments will add to existing cash reserves as the Company advances the consolidated Feasibility Study through to a development and financing decision in the second half of 2021.
Cash at bank now stands at A$13.2 million plus listed investments totalling approximately A$5.2 million.
Horizon Minerals Limited ( ) 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.
Jon Price Managing DirectorT: +61 8 9386 9534 E: Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E:
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