A$7 Million Royalty Divestment Complete
As announced to the ASX on 29 March 2021, the Company agreed to divest 100% interest in the royalties to Vox Royalty Corp. (CVE:VOX) ("Vox").
Under the Agreement, Vox will pay A$7 million in cash and shares on the following terms:
- A$4 million in cash upon completion; and
- A$3 million in cash or Vox shares at Vox's election (priced on a 30-day VWAP basis) upon Vox receiving cumulative payments of A$750,000 from the transaction royalties.
All conditions precedent including third party documentation have now been completed and the A$4 million initial consideration payment received.
Proceeds from the royalty divestments will add to existing cash reserves as the Company advances the consolidated Feasibility Study through to a development and financing decision in the second half of 2021.
Cash at bank now stands at A$13.2 million plus listed investments totalling approximately A$5.2 million.
About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Vox Royalty Corp.
Horizon Minerals Limited