Horizon Minerals Ltd (ASX:HRZ) has provided an update on the deferred $3 million payment from TSX-listed Vox Royalty Corp.
Horizon previously divested royalties covering the Janet Ivy and Otto Bore gold projects in the Western Australian Goldfields to Vox.
The transaction included a $4 million cash payment coupled with an option to provide the remaining payment in $3 million of cash or Vox shares. Vox has since advised of its option and intention to issue shares instead of cash for the deferred payment.
Horizon has now received notice from Vox that 948,448 Vox common shares were issued to Horizon on November 24, 2023.
The company explained that the calculation to issue $3 million of Vox common shares was based on the exchange rate and the 30-day VWAP based on November 13, 2023.
The 948,448 common shares issued were determined based on the CAD:AUD exchange rate of 0.8782 equates to C$2,634,600 and the 30-day VWAP of Vox shares of C$2.7778 per/share.
The shares now issued are subject to a four-month escrow period.
Horizon has strengthened its balance sheet over the past six months and now has cash and investments worth around $16.1 million.