Horizon Copper bolsters financing flexibility as it looks to grow
TSX-V-listed Horizon Copper is expanding its financing capabilities with a new revolving loan as the company continues to look to grow its business.
Horizon, which has a 30% shareholding in the Hod Maden copper asset in Türkiye, entered into a revolving credit agreement with National Bank of Canada and the Bank of Nova Scotia allowing the company to borrow up to $30-million, with an additional uncommitted accordion of up to $20-million, for total availability of up to $50-million.
The revolving loan has a term of four years, maturing in September 2028 and is extendable subject to approval by the lenders.
Horizon intends to use the revolving loan for future asset acquisitions, its funding requirements related to the development of the Hod Maden project and general corporate purposes.
"We are pleased to expand our financing capabilities with this new revolving loan," commented Horizon president and CEO Erfan Kazemi.
"This credit facility, coupled with our existing cash reserves, improves Horizon's financing flexibility as we look to grow the company and continue to invest in the development work at Hod Maden."
Besides its interest in Hod Maden, Horizon’s assets include a 1.66% net profit interest on the Antamina copper mine, and exposure to the Oyu Tolgoi copper mine through a 24% equity ownership in Entrée Resources.
Horizon plans to actively grow its portfolio of assets with a focus on copper projects.
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