Australia's Horizon Gold falls on discounted capital raise

Horizon Gold

04/10/2023 05:45

** Shares of Horizon Gold  HRN.AX  fall as much as 4.5% to
A$0.315, their lowest level since Aug. 23
    ** Co announces 1-for-5 renounceable entitlement issue to
raise A$7.5 mln ($4.72 mln)
    ** Issue price of A$0.30 per share, representing a 9.1%
discount to stock's last close on Sept. 20
    ** Funds to be directed towards Gum Creek Gold Project
scoping study in Western Australia, resource drilling planned to
commence in Q4 CY2023, and repayment of debt, co says
    ** Stock up 6.4% this year, as of last close

($1 = 1.5886 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))