Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF), the nickel mine development company, said it completed a fundraise that will allow it to complete the construction of its Araguaia project in Brazil.
Following significant institutional demand, the company upsized the placing, increasing the gross proceeds from around £61.7mln to £70.5mln. It also reduced the participation by major shareholder La Mancha from £23.8mln to £22mln.
A total of 77,945,627 new shares were placed with new and existing investors at 90.5p apiece.
“Significant progress has been made since we broke ground at Araguaia in May and we remain well positioned to transition into a scalable Tier 1 nickel producer,” commented Horizonte CEO Jeremy Martin.