Australia's Horizon Minerals eyes worst day in 13 years on plans to buy nickel miner

Maritana Minerals

25/10/2024 05:44

** Shares of Horizon Minerals  HRZ.AX  fall as much as 22.2%
to A$0.049, set for their worst day since Sept. 20, 2011, if
losses hold
    ** Gold miner says it has entered into an agreement to
acquire nickel explorer Poseidon Nickel  POS.AX 
    ** Says under the proposed deal Poseidon shareholders will
receive 0.1156 shares of co for every Poseidon share held
    ** Co says it will raise A$14 mln($9.29 mln) via share
placement at A$0.045 per share, representing a discount of 28.6%
as of last close
    ** Stock hits its lowest level since Oct. 4
    ** Around 7.8 mln shares change hands, 7x the 30-day avg
    ** Stock down 28.6% YTD, including current session's moves


($1 = 1.5076 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))