04:50 PM EDT, 09/10/2024 (MT Newswires) -- Horizon Copper ( HNCUF ) on Tuesday said it entered into a revolving credit agreement to borrow up to US$30 million, with an additional uncommitted accordion of up to US$20 million.

The revolving loan with the National Bank of Canada and The Bank of Nova Scotia has a term of four years, maturing in September, 2028, and is extendable subject to approval by the lenders.

Horizon intends to use the loan for future asset acquisitions, its funding requirements related to the development of the Hod Maden project and general corporate purposes.

"We are pleased to expand our financing capabilities with this new revolving loan," said chief executive Erfan Kazemi. "This credit facility, coupled with our existing cash reserves, improves Horizon's financing flexibility as we look to grow the company and continue to invest in the development work at Hod Maden."

Horizon shares closed down $0.05 to $0.60 on the TSX Venture Exchange.