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CALGARY,
AB, Feb. 16, 2024 /CNW/ - Horizon Petroleum
Ltd. (NEX: HPL.H) (TSXV: HPL)
In follow-up to its press release of January 2, 2024, ("Horizon" or the "Company")
announces that it has received TSX Venture approval to extend the
closing of its non-brokered private placement (the "Offering") from
February 16, 2024 to March 1, 2024. The offering is for up to
10,000,000 units ("Units") in the capital of Horizon at a price of
$0.05 per Unit for gross proceeds of
up to $500,000, subject to approval
from the TSX-V. Each Unit will consist of one common share and one
common share purchase warrant ("Warrant") in the capital of the
Company. Each Warrant will entitle the holder to purchase one
Common Share at a price of $0.075 for
a period of twelve (12) months from the date of issuance.
In connection with the Offering, certain insiders are expected
to purchase Units in the Offering. Each of the insiders is a
related party of Horizon, and as a result, the Offering will be a
related party transaction for purposes of Multilateral Instrument
61-101 – Protection of Minority Shareholders in Special
Transactions ("MI 61-101").
The Company intends to rely on exemptions from the formal
valuation and minority approval requirements of sections 5.5(a) and
5.7(1)(a) of MI 61-101 in respect of such insider participation,
based on a determination that fair market value of the
participation in the Offering by insiders will not exceed 25% of
the market capitalization of Horizon, as determined in accordance
with MI 61-101.
In connection with the Offering, Horizon may pay finder's fees
of up to 7% cash and up to 7% convertible securities, or a
combination of both, as permitted by the policies of the
TSX-V. The proposed use of proceeds of the Offering will be
for initial costs to complete the Poland Transformation Process and
for working capital purposes.
About Horizon Petroleum Ltd.
Calgary-based Horizon is
focused on the appraisal and development of natural gas reserves
and clean energy sources to increase 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 and
the Transformation Process 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 achievement of a successful outcome with respect to the
Transformation Process, and the furtherance of Horizon's European
acquisition and development strategy.
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.
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.