$HZM.L fails to secure fundingHorizonte Minerals announced Monday it's exploring a sale, liquidation, or raising financing at the subsidiary level.
It warned, however, that it "does not believe that any of these options are likely to recover any value for the company's shareholders".
Shares sank a further 84% to 0.4p in early trading on Monday, having been worth more than £1.30 in September, before cost overruns and delays were announced the following month that have brought the cost of construction up 87% to more than $1 Billion. At that time its market capitalization was more than £400MM vs today's £6MM!
Horizonte said the majority of the 39 parties that entered into non-disclosure agreements for financing had cited the unfavourable nickel market as the reason for opting against backing the project.
See the whole article on the FT here:
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