Horizon Minerals Ltd (ASX:HRZ) has boosted the funds raised in its share purchase plan (SPP) to $668,391 after closing a shortfall offer.
The SPP closed on July 22, 2022, with the company receiving applications for a total of 5,995,459 shares for gross proceeds of $539,591.
A subsequent shortfall offer has now closed with the company receiving applications for 1,431,111 shares with a total value of $128,800.
The SPP and shortfall also incorporated the issue of options with Horizon issuing a total of 7,426,570. These have an exercise price of $0.11 and will expire on June 30, 2025.
In a statement, the company said: “The board would like to thank shareholders taking up their rights to strengthen Horizon’s cash balance.”
Use of funds
Fund from the SPP and shortfall will be used to continue Horizon’s exploration programs across its 1,100-square-kilometre asset portfolio including new discovery gold and nickel drilling at the Yarmany, Lakewood and Greater Boorara-Cannon project areas.