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Horizon Minerals Limited (ASX:HRZ) Receives Final Payment For Menzies
Horizon Minerals Limited (ASX:HRZ) is pleased to advise the receipt of the final cash and share payment for the divestment of the Menzies and Goongarrie gold projects.

As announced to the ASX on 9 July 2019 and 18 September 2019, the Company agreed to divest its 100% interest in the projects to Kingwest Resources Limited (ASX:KWR) ("Kingwest") for a total consideration of $8 million on the following terms:

- An initial deposit of $750,000 cash

- On settlement:

o A further $1M in cash; and

o Issuing 20M ordinary shares in Kingwest to Horizon at a deemed issue price of $0.15 per share subject to voluntary escrow from date of issue to the earlier of (a) 18 months following settlement and (b) 3 months following the payment of the deferred consideration.

- A deferred payment no later than 18 months after settlement of:

o A further $1.625m in cash; and

o $1.625m in value of ordinary shares in Kingwest at a deemed issue price being the lower of $0.15 per share and the 30-day VWAP (subject to shareholder approval and Horizon not exceeding 19.9% ownership in Kingwest).

The Company has now received the deferred $1.625 million cash payment and 10.83 million shares in Kingwest, taking the total shareholding to 30.83m shares representing 18.7% of the issued capital.

As a result, Horizon's cash at bank totals $9.8 million and holds $5.6 million in listed investments.

Jon Price 
Managing Director
T: +61 8 9386 9534 

Michael Vaughan 
Media Relations - Fivemark Partners 
T: +61 422 602 720 

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