Horizon’s $30m Placement Details Prematurely Shared Before ASX Announcement
Horizon Minerals has acknowledged an unintentional breach of ASX Listing Rule 15.7 after sharing details of a $30 million placement with the media before the official market announcement.
- Unintentional breach of ASX Listing Rule 15.7
- Information shared on embargoed basis with Australian Financial Review
- Placement to raise $30 million at $0.043 per share
- Company in trading halt during early disclosure
- Board to review and reinforce continuous disclosure policies
Background to the Disclosure Breach
Horizon Minerals Ltd (ASX: HRZ), a Western Australian gold producer, has responded to an ASX compliance inquiry following premature media disclosure of its $30 million capital raising. The Australian Financial Review published details of the placement a day before Horizon’s official announcement to the market, triggering concerns over compliance with ASX Listing Rule 15.7, which prohibits releasing market-sensitive information before it is formally lodged with the exchange.
The company confirmed that a media advisor provided information to the AFR journalist on an embargoed basis late on Sunday, 25 May 2025, prior to the market opening and while Horizon shares were in a trading halt. This included confirmation of the placement size and oversubscription status. Horizon’s Managing Director and CEO approved this communication under the mistaken belief that embargoed information shared during market closure did not breach ASX rules.
Details of the Placement and Use of Funds
The placement involves issuing new shares at $0.043 each to raise approximately $30 million before costs. The funds are earmarked for a range of strategic initiatives including resource extension and infill drilling at multiple sites such as Burbanks, Crake, and Coote, as well as greenfields and brownfields exploration at targets like Wilsons and Kestrel. Additionally, the capital will support engineering studies for refurbishing the Black Swan processing plant, working capital for processing Boorara ore stockpiles, and potential debt retirement.
Company’s Compliance Measures and Response
Horizon Minerals reiterated its commitment to continuous disclosure and detailed its existing policy that prohibits releasing material information externally before ASX release and acknowledgment. The company acknowledged the breach was unintentional and occurred during a trading halt when the market was closed. Following the ASX letter, the Board has reviewed the incident and plans to make compliance with Listing Rule 15.7 a specific agenda item at its next meeting. This will include reviewing and potentially updating the Continuous Disclosure Policy and conducting refresher training for staff and advisors.
Julian Tambyrajah, CFO and Company Secretary, confirmed the Board’s full authorization of the response and emphasized Horizon’s dedication to maintaining market integrity and investor confidence.
Implications for Investors and Market Watchers
This episode highlights the fine line companies must tread when managing sensitive information ahead of official announcements. While the breach was deemed inadvertent, it underscores the importance of rigorous internal controls and clear communication protocols, especially during trading halts. Investors will be watching closely for any further regulatory feedback or penalties from the ASX, as well as how Horizon implements its promised compliance enhancements.
Bottom Line?
Horizon Minerals’ slip on disclosure rules serves as a reminder that even well-intentioned leaks can unsettle markets and invite scrutiny.
Questions in the middle?
- Will ASX impose penalties or sanctions on Horizon Minerals for the breach?
- How will Horizon’s updated disclosure policies affect future communications?
- Could this incident impact investor confidence or share price momentum?
