HORIZON GOLD ARRANGES FINANCING
HORIZON GOLD ARRANGES FINANCING GOLDEN, Colo., June 2 /PRNewswire/ -- Horizon Gold Corp.
(NASDAQ-NMS: HRIZ) today announced that it has arranged financing for its wholly owned subsidiary, Horizon Potash Corp. (HPC), whereby CIT Group/Equipment Financing, a New York corporation, provided a $4.0 million loan to HPC. Interest on the unpaid principal amount will be at 9.29 percent per annum, with principal and interest to be paid in 36 consecutive monthly installments. The first installment is due on June 29, 1992.
Proceeds from the loan will be used to retire a portion of the short term notes that were issued earlier by Horizon in connection with its acquisition of HPC from AMAX Inc., and for working capital purposes. Horizon Gold, a diversified mining company, is involved in the exploration, development, and production of precious metals, base metals, and industrial minerals, primarily in the United States. The company's stock in listed on the NASDAQ National Market System under the symbol "HRIZ." -0- 6/2/92 /CONTACT: Dick Ryan of Horizon Gold, 303-239-8701/ (HRIZ) CO: Horizon Gold Corp.; CIT Group/Equipment Financing ST: Colorado, New York IN: MNG SU: FNC
BB -- DV004 -- 6061 06/02/92 09:02 EDT
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|Date:||Jun 2, 1992|
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