A renounceable rights issue is pricing new shares at 35c each.
Horizon has resources of 1.36 million ounces in various deposits at Gum Creek and has identified more than 40 targets to be tested following a geological review.
An estimated 15,000m of initial drilling is planned across the top 10 ranked targets and a further 25,000m of drilling across selected targets.
Horizon had cash at the start of the current quarter of $1.1 million.
The company is 68.8% owned by ASX-listed Zeta Resources.
Zeta and Horizon's directors "intend" to take up their entitlements, which combined would total $5 million.
Horizon shares were trading this week at 39.5c, capitalising the company at $34.5 million.
