Horizonte to buy Brazil project from Teck – source

* Close to buying the Araguaia project in a share deal

* Horizonte also carried out fundraising as part of the deal

By Julie Crust

LONDON, July 23 (BestGrowthStock) – Horizonte Minerals (HZM.L: ) is
set to buy the Araguaia nickel project in northern Brazil from
Teck Resources (TCKb.TO: ), Canada’s largest diversified miner, in
all-share deal, a person close to the deal told Reuters.

AIM-listed Horizonte has also carried out a fund-raising as
part of the transaction.

Horizonte shares are currently suspended after the
exploration company announced last week it was in advanced talks
which could constitute a reverse takeover.

The shares last traded at 8.75 pence, valuing the company at
5.2 million pounds ($8.0 million).

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(Editing by Dan Lalor)
($1 = 0.6544 pound)

Horizonte to buy Brazil project from Teck – source