Horizon Gold Limited (ASX: HRN) announced its recent acquisition of 60,759,746 shares in Alto Metals Limited, constituting 9.91% of AME's issued capital. The purchase, amounting to AU$3.17 million, was made possible through a loan facility obtained from a subsidiary of the company's major shareholder, Zeta Resources Limited. The loan is unsecured and carries an 8.0% per annum interest rate, with a repayment deadline set no earlier than 31 December 2023.
According to Horizon's Managing Director, Leigh Ryan, this strategic investment in Alto Metals is a significant move towards achieving their broader goal of enhancing the value of the Gum Creek Gold Project. Horizon Gold Limited is primarily an exploration company, and its primary focus lies in advancing its 100% owned Gum Creek Project, located in Western Australia. The company is dedicated to realizing the full potential of this promising project in the mining sector.
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