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CALGARY, AB, Jan. 17, 2025 /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL).
Horizon Petroleum Ltd. ("Horizon" or the "Company") is pleased to announce it has closed a private placement of Units, ("Private Placement") with a strategic investor.
The Company issued 1,538,500 Units at a price of CAD$0.13 for gross proceeds of CAD $200,005. 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$0.30 ("Warrant") per share. The rights under the Warrants will last for a period of 48 months following the closing date. The funds will be used for general working capital and advancing the Company's projects in Poland.
No finder's fees were paid with respect to the private placement.
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.
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 offering, and the approval of the TSX-V.