Horizon Minerals (ASX:HRZ) signed a share subscription agreement with UK-based Golden Crane Holdings to raise AU$9.6 million through the placing of about 213.8 million shares at AU$0.045 each, according to a Friday filing with the Australian bourse.

The funds received would be used for project development at Boorara and Phillips Find Project in Western Australia and retiring or refinancing of debt, the filing said.

The placement will be completed in two tranches. The first tranche will issue 141 million shares to raise AU$6.3 million, and the second tranche will issue 72.9 million shares to raise AU$3.3 million subject to approval from the Foreign Investment Review Board, the company said.

SKR Mining Services was the lead manager/broker for the capital raise.

Shares of the company fell 2% in recent Friday trade.