🕐13.06.12 - 11:27 Uhr

HORIZONTE - PANMURE BUY NOTE AT 21P (CURRENT SP 7.3P) RAISED £5.2 MILLION TO AD
VANCE WORLD CLASS ARAGUAIA NICKEL PROJECT IN BRAZIL



See attached Horizonte Minerals research note indicating a BUY at 21p after the Company successfully raised �5.2 million to advance its wholly owned Araguaia nickel project which has a resource of 100Mt at 1.3% nickel.
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13 June 2012
Equity Research
Horizonte Minerals : Placing to raise �5.2m Recommendation - Buy Analyst - Alison Turner +44 (0)20 7614 8389
Horizonte has raised �5.2m through a placing of 72m shares at 7.25p.

Post the placing the company will have �9m in cash, which is sufficient to fund the Araguaia project through to the completion of pre-feasibility in Q3 2013E.

Whilst issuing new shares at depressed levels is unavoidably dilutive (as a result of which our target price moves down to 21p from 25p), it addresses the issue of funding risk and allows Horizonte to retain 100% ownership of the world class Araguaia nickel project.
This research is provided on the basis of disclosures contained in the attached research report. For further disclaimers, please follow this link
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