CALGARY,
AB, Nov. 8, 2024 /CNW/ - Horizon
Petroleum Ltd. (NEX: HPL.H).
Horizon Petroleum Ltd. ("Horizon" or the "Company") is pleased
to announce that it has received conditional approval from the TSX
Venture Exchange (the "Exchange") of its reinstatement from the NEX
board of the Venture Exchange to Tier 2 of the Venture Exchange as
a Tier 2 Oil and Gas Issuer (the "Reactivation").
The reinstatement is subject to certain conditions which the
Company must meet, including receiving the final signed concession
agreements for the Bielsko-Biala and Cieszyn concessions and
receipt of all necessary corporate and regulatory approvals.
Close of Financing.
The Company is pleased to announce that the second tranche of
its private placement of Units and subscription receipts announced
on August 8, 2024, ("Private
Placement") closed on October 31,
2024.
In the second tranche the Company issued 1,045,455 Units at a
price of CAD$0.11, and 2,079,182
Subscription Receipts for gross proceeds of CAD $343,710. 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$0.20 ("Warrant") per share (collectively
the "Warrants"). The rights under the Warrants will last for a
period of 12 months following the closing date. The
Subscription Receipts 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$0.30 ("Warrant") per share (collectively
the "Warrants"). The rights under the Warrants will last for a
period of 48 months following the closing date.
Horizon paid a finder's fees of $8,117 cash and finder warrants to acquire 73,788
Common Shares at a price of 0.20 per Share for a period of 12
months following the closing date.
In total, between the first and second tranches of the private
placement, the Company issued 1,045,455 Units and 8,609,408
Subscription Receipts for gross proceeds of $1,062,035.
The Private Placement remains subject to TSX Venture Exchange
final acceptance.
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.
Upon reinstatement onto the TSX Venture a total of 8,609,408
subscription receipts of the Company will convert to Units
resulting in cash proceeds of $947,035 being available to the Company.
The Subscription Receipts will be convertible into one Common Share
and one Common Share purchase warrant of the Company (a
"Subscription Receipt Warrant") which will be exercisable for a
period of four years from closing at a price of CAD$0.30 per Common Share.
The underlying securities are subject to a four month hold
period from the original date of issue of the Subscription
Receipts.
About Horizon Petroleum Ltd.
Calgary-based Horizon is
focused on the appraisal and development of natural gas reserves
and clean energy sources to assist the increase in the energy
independence and security in Europe. The Management and Board of Horizon
consist of oil & gas, business and finance professionals with
significant international experience.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of applicable
securities legislation. Such forward-looking statements include,
without limitation, forecasts, estimates, expectations and
objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of Horizon. Forward-looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur or be achieved. This press release
contains forward-looking statements pertaining to, among other
things, the anticipated use of proceeds, the completion of the
Release Conditions, and the approval of the TSX-V.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks, which
could cause actual results to vary and in some instances, to differ
materially from those anticipated by Horizon and described in the
forward-looking information contained in this press
release.
Although Horizon believes that the material factors,
expectations and assumptions expressed in such forward-looking
statements are reasonable based on information available to it on
the date such statements were made, no assurances can be given as
to future results, levels of activity and achievements and such
statements are not guarantees of future performance.
SOURCE Horizon Petroleum Ltd.
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SOURCE Horizon Petroleum Ltd.