Horizon Minerals Limited: Richmond Vanadium Project Restructure Complete
Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to advise that the restructure and demerger of Horizon's 25% interest in the Richmond Vanadium Project ("RVP" or "Project") into Richmond Vanadium Technology Pty Ltd ("RVT") is now complete.The 1.8Bt Project is located in central north Queensland and has a completed Pre-Feasibility Study which demonstrated a technically viable and financially attractive development project. Work towards a Bankable Feasibility Study is currently being progressed.
As announced to the ASX on 24 November 2021, Horizon executed a Process Deed with its joint venture partner RVT under which both companies agreed to work together to progress a transaction anticipated to include:
- The restructuring of the respective project ownership interests into a dedicated incorporated vehicle holding 100% of the project ("IPO Vehicle") with shares initially held by Horizon (25%) and the existing shareholders of RVT (75%);
- Establishment of a high-quality Board and executive team for the IPO Vehicle;
- An in-specie distribution of a portion of Horizon's shares in the IPO Vehicle to Horizon shareholders; and
- Application to list on the ASX through an IPO of new shares in the IPO Vehicle with a priority entitlement to existing Horizon shareholders.
As announced to the ASX on the 3 May 2022, the Company and RVT executed a Sale and Purchase Agreement and agreed that RVT would be the dedicated IPO Vehicle. All conditions precedent has now been satisfied and the Shareholders Agreement to govern the operation of RVT until the planned IPO has been executed.
RVT now owns 100% of the Project with shares held by Horizon (25%) and existing shareholders of RVT (75%) and has commenced the IPO process with Joint Lead Managers Bell Potter Securities Ltd and Euroz Hartleys Ltd.
The new Board of RVT is now in place and comprises:
- Former Western Australian MP, senior WA cabinet minister and corporate strategist Mr Brendon Grylls as Independent Non-Executive Chair;
- Current RVT CEO and critical minerals specialist Dr Shaun Ren as Managing Director; and
- Metallurgist, mineral economist and Horizon Managing Director Mr Jon Price as NonExecutive Director.
Commenting on completion of the demerger, Horizon Managing Director Jon Price said:
"With the restructure now complete, we can now advance the IPO and ASX listing process and continue progressing the Bankable Feasibility Study for this world class project."
Next steps
The Company will provide further updates as appropriate in accordance with its continuous disclosure obligations including the amount of funds to be raised under the proposed IPO, the use of funds and the record date for the in-specie distribution for eligible Horizon shareholders.
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About Horizon Minerals Limited:
Horizon Minerals Ltd. (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Horizon Minerals Ltd.
Contact:
Jon Price Managing Director T: +61 8 9386 9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au