Horizon Minerals Ltd (ASX:HRZ) has fully divested the Kangaroo Hill and Phoenix gold projects near Coolgardie.
In August this year, the company agreed to divest 100% interest in the projects to Greenstone Resources Ltd on the following terms:
- $150,000 in cash on completion; and
- $150,000 in GSR shares at an issue price equivalent to the VWAP calculated over the 15 trading days prior to the completion date and subject to a voluntary escrow period of six months.
The company has met all conditions including the provision of signed transfers, all mining information and statutory and third-party consents.
The $150,000 cash payment and shares in GSR have also been received.
Divestment could continue
HRZ is continuing to look at divesting non-core assets and has received several expressions of interest for its assets in the northern Kalgoorlie and Coolgardie regions. The company is considering all options.
Commenting on the divestment, HRZ managing director Jon Price said: “The sale of the projects is in line with our strategy of divesting non-core assets to fund the future growth of the company through exploration and mine development.
“The rationalisation of the company’s assets also reduces holding costs and distraction, as we focus on the core greater Boorara, Yarmany, Lakewood and Binduli project areas and underground development plans.”