Horizonte Minerals plc has raised £70.5 million in an oversubscribed placing at 90.5 pence per share to meet rising costs for its Araguaia nickel development in Brazil.
PLACING
The placing, which is one part of a fundraise that also includes a subscription, exceeded the company’s original gross target of £61.7m.
Horizonte said that 77,945,627 new ordinary shares had been conditionally placed with, or subscribed for by, new and existing investors.
The fundraise shares will represent 40.9% of the company prior to the fundraise.
LA MANCHA
Shareholder La Mancha, which currently holds 19.9% of the company, conditionally purchased 24,340,744 placing shares for £22m, a reduction from the original planned amount of £23.8m.
PDMRs
Director and chief executive officer Jeremy Martin and a director of a subsidiary of the company and Horizonte chief financial officer Simon Retter subscribed for 27,624 shares at the placing price.
The company yesterday announced it also planned a conditional subscription to raise some £26m, which had drawn interest from Glencore.