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CALGARY,
AB, March 1, 2024 /CNW/ - Horizon Petroleum
Ltd. ("Horizon" or the "Company") (TSXV: HPL.H) is
pleased to announce that the first tranche private placement of
Units announced on January 2, 2024,
("Private Placement") has now closed. The Company also
announces that it has received TSX Venture approval to extend the
closing of its non-brokered private placement (the "Offering") from
March 1, 2024 to March 15, 2024.
The Company issued 3,100,000 Units at a price of
CAD$0.05, for gross proceeds of
CAD$155,000. The Units comprised: (i) one common share in the
capital of the Company ("Common Share"), and (ii) one
transferable share purchase warrant entitling the holder
thereof to acquire one Common Share at a price of CAD$0.075 ("Warrant") per share (collectively
the "Warrants"). The rights under the Warrants will last for a
period of 12 months following the closing date.
The Private Placement remains subject to TSX
Venture Exchange final acceptance.
Horizon paid a finder's fee to PI Financial Corp.
of $1,050 cash and broker warrants to
acquire 21,000 Common Shares at a price of 0.075 per Share for a
period of 12 months from closing.
Insider Participation
Insiders participated in the placement for a
total of approximately CAD$40,000. A portion of the Private
Placement constituted a related party transaction within the
meaning of TSX Venture Exchange Policy 5.9 and Multilateral
Instrument 61-101 ("MI 61-101") as an insider of the Company
subscribed for an aggregate of 62,500 Units pursuant to the
Private Placement. The Company is relying on the exemptions from
the valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61- 101,
as the fair market value of the participation in the Private
Placement by the insider does not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI
61-101. The Company did not file a material change report in
respect of the related party transaction at least 21 days before
the closing of the Private Placement, which the Company deems
reasonable in the circumstances in order to complete the Private
Placement in an expeditious manner.
All securities issued in connection with the
Private Placement will not be able to be traded in Canada, or through the facilities of the TSX
Venture Exchange, for a period of four months and one day from
the date of closing.
The TSX Venture Exchange Inc. has neither
approved nor disapproved the contents of this news
release.
Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to the Company. Additional information identifying risks
and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at
www.sedar.com.
Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press
release.
SOURCE Horizon Petroleum Ltd.