Horizonte Minerals (LON:HZM) has satisfied all of the conditions set down by the Toronto Stock Exchange related to its recent share placing.
As a result, an outstanding £425,000 will be now received by the nickel explorer taking the total raised by the share issue to £1.55mln.
Horizonte will use the cash to develop the nickel assets just acquired from Glencore in Brazil, next door to its own Araguaia project.
Combining the two projects will result in the world’s largest nickel saprolite development project in terms of size and grade, according to Horizonte.
The cost of the deal is US$8mln payable in stages.