TORONTO, Feb. 7, 2012 /CNW/ - Horizonte Minerals plc, (TSX:HZM, AIM:HZM) ("Horizonte" or "the
Company") the exploration and development company focused in Brazil, announces
that further to the announcement on 12 July 2011 that the Company had
entered into a definitive agreement with respect to the purchase of
100% of the Vila Oito and Floresta nickel laterite projects, Horizonte
has now completed this purchase. The Vila Oito and Floresta nickel
laterite projects, which are located adjacent to Horizonte's 100% owned
Araguaia nickel project, have been acquired from the Brazilian
affiliate of Canadian-listed Lara Exploration Ltd ('Lara') (TSX: LRA).
The total consideration for the acquisition comprises 8.5 million new
ordinary shares ('the Consideration Shares') which will be issued to
Lara and equate to C$2 million based on the 20 day average price to 10
January 2011, as per the original Heads of Agreement announced on 18
The Consideration Shares will represent 2.95% of the enlarged issued
ordinary share capital after completion of the transaction, which will
then comprise 288,059,980 ordinary shares.
Application has been made to the London Stock Exchange for the
Consideration Shares to be admitted to trading on AIM and it is
expected that admission will occur, and dealings in the Consideration
Shares will commence on 9 February 2012.
The Toronto Stock Exchange (the "TSX") has conditionally approved the
issuance of the Consideration Shares. Listing is subject to Horizonte
fulfilling all of the requirements of the TSX.
The Consideration Shares, will, when issued, rank pari passu in all respects with the existing issued shares of Horizonte.
Lara has undertaken to Horizonte not to dispose of the Consideration
Shares for a minimum of 12 months following their date of admission to
trading on AIM .
Horizonte Minerals plc is an AIM and TSX listed exploration and
development Company with a portfolio of nickel and gold projects in the
Carajas District of Brazil. The Company is focussed on creating value
by generating and rapidly advancing exploration projects in tandem with
joint ventures with major mining companies, providing mid-term cash
flow, which is then used to develop the business and pipeline projects.
Horizonte has two committed major mining partners: Teck Resources
Limited, a major strategic shareholder in the Company, and AngloGold
Ashanti Limited, a JV partner on the gold portfolio.
Horizonte owns 100 per cent of the advanced Araguaia nickel project
located to the south of the Carajas mineral district of northern
Brazil.; the project has the potential to deliver a resource with size
and grades comparable to other world-class projects in northern Brazil.
In addition, Horizonte and AngloGold Ashanti have a US$5.3 million
exploration alliance to generate and develop new and existing gold
targets within two areas of Brazil and a further JV with the major
whereby AngloGold Ashanti can earn into 51% of the Falcao gold project
by expending US$4.5 million over three years with the right to earn a
further 19% by taking the project to Pre-feasibility Study.
Horizonte is well funded to accelerate the development of its core
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Except for statements of historical fact relating to the Company,
certain information contained in this press release constitutes
"forward-looking information" under Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements
with respect to the potential of the Company's current or future
mineral projects; the success of exploration and mining activities; and
cost and timing of future exploration, production and development.
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". In addition, statements
relating to "mineral reserves" or "mineral resources" are deemed to be
forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions, that the mineral resources
and mineral reserves described can be profitably mined in the future.
Forward-looking information is based on the reasonable assumptions,
estimates, analysis and opinions of management made in light of its
experience and its perception of trends, current conditions and
expected developments, as well as other factors that management
believes to be relevant and reasonable in the circumstances at the date
that such statements are made, and are inherently subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by
such forward-looking information, including but not limited to risks
related to: exploration and mining risks, competition from competitors
with greater capital; the Company's lack of experience with respect to
development-stage mining operations; fluctuations in metal prices;
uninsured risks; environmental and other regulatory requirements;
exploration, mining and other licences; the Company's future payment
obligations; potential disputes with respect to the Company's title to,
and the area of, its mining concessions; the Company's dependence on
its ability to obtain sufficient financing in the future; the Company's
dependence on its relationships with third parties; the Company's joint
ventures; the potential of currency fluctuations and political or
economic instability in countries in which the Company operates;
currency exchange fluctuations; the Company's ability to manage its
growth effectively; the trading market for the ordinary shares of the
Company; uncertainty with respect to the Company's plans to continue to
develop its operations and new projects; the Company's dependence on
key personnel; possible conflicts of interest of directors and officers
of the Company, and various risks associated with the legal and
regulatory framework within which the Company operates.
Although management of the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Horizonte Minerals plc
For further information:
Horizonte Minerals plc
Tel: +44 (0) 20 7763 7157
Horizonte Minerals plc
Tel: +44 (0) 20 7763 7157
Sebastian de Kloet
Horizonte Minerals plc
Panmure Gordon (UK) Limited
(Nomad and Broker)
Tel: +44 (0) 20 7459 3600
UK Investor Relations
Tel: +44 (0) 20 7236 1177