Horizon Minerals raises $175M for Black Swan Project hub

Horizon Minerals (ASX:HRZ) launched a $175 million fully underwritten institutional placement to fast-track the development of its 100%-owned Black Swan Project Processing Hub.

Located in the prolific Goldfields region of Western Australia, the funding initiative marks a transformative milestone for the company as it pivots toward becoming a significant gold producer.

The capital raising is structured as a two-tranche placement of approximately 162 million new ordinary shares priced at $1.08 per share.

The offer price represents a 12.6% discount to the company's last closing price on Feb. 16.

Tranche 1 will utilise Horizon's existing capacity to raise $55 million, while Tranche 2, seeking the remaining $120 million, is subject to shareholder approval at a general meeting scheduled for early April.

In addition to the institutional placement, Horizon is offering a non-underwritten share purchase plan for eligible shareholders to raise up to an additional $10 million at the same price point.

The proceeds are earmarked for a comprehensive suite of development activities at the Black Swan Hub.

The funds will also support ongoing exploration, geology programs, and general working capital.