StockMarketWire.com - Horizonte Minerals has entered into a definitive agreement to purchase the Vila Oito and Floresta nickel laterite projects in northern Brazil from certain affiliates of Canadian-listed Lara Exploration.
The total consideration will be 8.5 million new shares which, based on the 20-day average price at 18 January - the day of signing the heads of agreement with Lara - equates to C$2m.
Horizonte's CEO Jeremy Martin said: "We are pleased to have finalised this acquisition which further consolidates our position around our flagship Araguaia project.
"The Vila Oito target represents the western extension of one of the principal target areas on the Araguaia project, from which we see immediate resource targets to follow up.
"The Floresta project has a well-defined geochemical anomaly that also requires follow up work.
"As part of the ongoing 20,000m drill programme these new areas will be evaluated with the aim of adding additional resources on the project."
At 8:55am: (LON:HZM) share price was +0.26p at 13.63p
