- Horizonte Minerals' shareholders have approved the previously announced £9 million placing to fund a feasibility study at its 100% owned Araguaia nickel project in Brazil.

Chief executive Jeremy Martin said: "I am pleased that following approval from shareholders we will now close the £9 million fundraise. The fundraise has demonstrated strong support from both new and existing UK and Canadian institutional investors.

"The proceeds combined with the existing cash position ensure that we have a robust balance sheet as we start the Feasibility Study on the Araguaia project which we are developing as a Tier 1 nickel project in Brazil. "Activity is currently underway on the next phase of the permitting to obtain the Installation Licence, as well as a number of the work streams that will link into the Feasibility Study. The main contracts are due to be awarded in Q1 2017 as we work to advance the Project through the Feasibility Stage during the course of 2017. We look forward to keeping shareholders updated with the Company's development."

It is expected that the admission of 374,000,000 of the placing shares under the placing agreement will become effective at 8.00 a.m. tomorrow.

At 1:53pm: [LON:HZM] Horizonte Minerals PLC share price was 0p at 2.4p

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