Horizon Minerals Limited (ASX:HRZ) entered into a binding tenement sale agreement to acquire Bulong South, Glandore & Cowarna Gold Projects in the Western Australian goldfields from Aurenne Cannon Pty Ltd for AUD 5 million on May 18, 2021. AUD 2.5 million in cash at settlement funded from existing cash reserves and AUD 2.5 million in cash on the earlier of 12 months from settlement or first gold production from the Cannon underground gold mine. The consideration will be funded from existing cash reserves. The transaction is subject to Consent of the Minister required under the Mining Act for the transfer of the tenements having been obtained, the execution of any third-party agreements required and the provision of all mining information. The transaction is expected to be completed in current June quarter 2021.