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  • Horseshoe Metals' Raises Funds To Advance Copper Exploration In WA 0 comments
    Jun 17, 2013 9:30 PM

    Horseshoe Metals (ASX: HOR) has launched a $1.8 million capital raising program for follow-up exploration at the Horseshoe Lights and Kumarina Projects in Western Australia, which will include geophysical survey work and drilling.

    Earlier in the month the Horseshoe Lights Project delivered a 40% increase in the high grade copper resource, and now hosts a resource of 12.85 million tonnes at 1.00% copper, and 0.1g/t gold for 128,600 tonnes of contained copper and 36,000 gold ounces.

    The capital raising comprises a share placement of 7.857 million shares at $0.07 to raise $550,000, with an additional 2.143 million shares at the same price to raise an additional $150,000 to one or more entities associated with director Michael Fotios - subject to shareholder approval.

    A one-for-five non-renounceable rights issue will also be offered to existing shareholders to raise an additional $1.173 million.

    Horseshoe Metals said that negotiations are ongoing with a number of parties/major shareholders about possible participation as sub-underwriters.

    The company's projects cover around 300 square kilometres in the highly prospective Peak Hill Mineral Field, located north of Meekatharra in Western Australia.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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