Horizonte Minerals (AIM: HZM) has vowed exciting times are ahead after it completing its placing which has raised a total £18m at a price of 7.5p per share (UK price).
The funds raised by HZM will provide it with a boost to its finances as it looks to take advantage of the increasing demand for nickel as it looks to supply producers of electrical batteries as well as the tried and tested stainless steel market.
The company promised very exciting times are ahead as it looks to advance Araguaia and Vermelho nickel mining projects in Brazil:
“These two development stage assets have the flexibility to supply both the large and established stainless steel market and the rapidly growing electric vehicle battery market.
Horizonte is at a very exciting time as we transition to becoming a nickel producer. We have a scalable production profile that will position the Company as a significant nickel producer globally. As part of this transition, it is important that we continue to attract large, long-term institutional shareholders to support our growth. We look forward to updating the market on our continued progress throughout H1 as we work towards completing the full project financing package for Araguaia.”Jeremy Martin, CEO of Horizonte
Shares in HZM are currently trading at 8.4p – near to their placing price.
They are currently showing strong 1 year growth having been at 3.35p at the comparable period last year.
It benefited from the ‘Musk effect’ last year when the Tesla boss pleaded for more nickel from miners ( Horizonte Minerals share price up 70 percent after Tesla’s Elon Musk demands more nickel mining ).