Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Horseshoe Metals To Finalise Rights Issue Details

Horseshoe Metals (ASX: HOR) will soon finalise a timetable for its previously announced one-for-five non-renounceable rights issue to raise up to $1.17 million.

Proceeds from this rights issue and a share placement to raise $700,000 will be used for follow-up exploration at the Horseshoe Lights and Kumarina Projects in Western Australia, which will include geophysical survey work and drilling.

Horseshoe plans to issue up to 16.76 million shares priced at $0.07 each under the rights issue, which is currently not underwritten though negotiations are ongoing with a number of parties/major shareholders about possible participation as sub-underwriters.

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.

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.