Vox $3M Deferred Payment Received in Shares
Perth, Nov 28, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to advise further information on the deferred payment of AUD$3 million in cash or shares from Vox Royalty Corp. ("Vox").
As previously mentioned in an announcement dated 27 October 2023, Vox has advised of their option and intention to issue shares instead of cash for the deferred payment.
The Company received notice from Vox that an amount of 948,448 Vox common shares have been issued on 24 November 2023 in the name of Horizon Minerals Limited.
The calculation to issue AUD$3 million of Vox (TSX: VOXR) common shares is based on the following:
- The trigger date of 13 November 2023 was used as the basis for exchange rate and the 30- day VWAP
- CAD: AUD exchange rate of 0.8782 equates to CAD$2,634,600
- 30-day VWAP of Vox shares is CAD$2.7778 per/share
- Shares issued = CAD$2,634,600/$2.7778 = 948,448 common shares
Further that the shares now issued are subject to a four-month escrow period.
Horizon has strengthened its balance sheet over the past six months and now has a cash and investments position of $16.1 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.