Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) has completed the issue of US$65mln convertible notes and sale of a US$25mln royalty over its Vermelho development, which, combined, are the final part of its previously announced US$633mln finance package.
Jeremy Martin, chief executive, said the funding would allow it to move forward with confidence on the construction already underway at Araguaia, its flagship project.
At Vermelho, its second project, the royalty payment will allow Horizonte to work on a feasibility study and permitting workstreams, “as well as pursue other strategic initiatives to best position the project for the evolving nickel demand dynamics", he said.
Martin added the royalty also highlighted the compelling value within Horizonte's asset portfolio “and the opportunity to progress another tier-one nickel project at a time when the security of supply and availability of high quality, low carbon sources of nickel for the burgeoning EV battery market is coming under increased scrutiny”.