Golden Horse Minerals Ltd, (TSX-V: GHML) is expected to make its debut on the ASX next week, on December 6.
The company closed its offer on November 14 to raise a minimum of A$16 million and maximum of A$18 million (before costs). The offer closed early and oversubscribed, having successfully raised the maximum amount of A$18 million.
The offer consists of up to 72 million chess depositary interests (CDIs) priced at A$0.25 each, with a priority allocation of up to A$4 million reserved for eligible Emerald Resources NL shareholders.
The funds raised will enable Golden Horse to capitalise on its strategic position within the Southern Cross Greenstone Belt, a highly productive gold region in Australia. Work plans include:
- Mineral resource definition drilling at key prospects such as Hopes Hill, Hakes Find, and Pilot to establish a solid resource base.
- Brownfields exploration at sites like Greenmount and Baby Queen, aimed at expanding known gold zones using existing infrastructure and historical mining data.
- Greenfields exploration to systematically test new targets, ensuring continuous target generation and discovery.
Covering more than 130 kilometres, the company’s Southern Cross Project offers a mix of advanced exploration prospects and untapped opportunities, presenting a district-scale potential for significant gold discoveries.
Map highlighting location of GHM tenements throughout the Southern Cross Greenstone Belt.
“We have been overwhelmed by the investor support, and it’s a fantastic endorsement of our company, its new acquisitions and our people,” Golden Horse Minerals managing director and CEO Nicholas Anderson said.
“An oversubscribed offer is a significant milestone for Golden Horse as we position ourselves to unlock the immense potential of the Southern Cross region. We are looking forward to finalising our acquisitions and the listing process with ASX.”
Recent acquisitions
On October 11, 2024, Golden Horse, Emerald Resources, and certain Emerald subsidiaries finalised long-form agreements relating to the acquisition of a large and strategic tenement package.
Golden Horse amended the terms of the Hakes Find agreement and under the revised terms, completion of the agreement will now occur one business day after Golden Horse receives conditional approval for admission to the ASX official.
This amendment reflects the company's commitment to streamlining its strategic objectives in conjunction with its listing plans.
“Golden Horse continues to execute its strategy of consolidating tenure across the Southern Cross Greenstone Belt, which is one of Australia’s top producing gold provinces, Anderson said.
“For decades this tenure has been locked-up through fractured ownership, but with a concerted effort the company is now emerging as the dominant player in the region.
"The Hopes Hill acquisition is particularly significant as it provides Golden Horse with another sizable land package within the Belt.
"The Hopes Hill mine itself is also a fantastic asset with excellent past production plus some exciting but early-stage exploration results which suggest a continuation of the gold-bearing structure.”
The acquisition came after the Ennuin acquisition, of which Anderson said: “We consider the Ennuin Project critical to our long-term plans for the Southern Cross region and are delighted to have completed the acquisition of the Ennuin Project. The acquisition is further evidence of the progress the company has made over the past 18 months with its consolidation strategy.
“With record gold prices and the long-term bullish sentiment around gold, the Company’s large tenement holding in one of Australia’s leading gold districts, places it in a strong position to add long term value to all shareholders.”
Golden Horse has made several acquisitions in the last six months as part of the company’s Southern Cross consolidation strategy including the Copperhead Tenement and Bullfinch.