Brazil-focused nickel explorer Horizonte Minerals(LON:HZM) (TSE:HZM) has set up an £8mln equity facility with investment group Henderson's Darwin Strategic division.
Jeremy Martin, Horizonte's chief executive, said, while there were no immediate plans to use the facility as the company has a robust cash position, it was important to have additional flexibility over future funding in the current economic climate.
"This agreement also underpins Darwin's support and commitment to Horizonte as we continue to advance our flagship Araguaia nickel project, located south of the world-class Carajas mining province in northern Brazil, through its pre-feasibility study with the aim of developing the next major nickel project in Brazil," he said.
Horizonte's flagship Araguaia nickel project is moving toward the pre-feasibility stage, with a study expected to be completed next year.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.