/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
OF AMERICA. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
CALGARY,
AB, May 1, 2024 /CNW/ - Horizon Petroleum Ltd.
(NEX: HPL.H) (TSXV: HPL)("Horizon" or the "Company") announces a
non-brokered private placement (the "Offering") for up to 1,400,000
units ("Units") in the capital of Horizon at a price of
$0.05 per Unit for gross proceeds of
up to $70,000, subject to approval
from the TSX-Venture Exchange. 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.
This offering is a new offering with the TSX Venture Exchange
and is in addition to recent closings for proceeds of $430,000. NEX issuers are restricted to a
12-month financing limit of $500,000
and therefore, upon closing, Horizon will have filled the full
amount permitted for NEX issuers. The Offering remains
subject to TSX Venture Exchange approval.
The securities are subject to a four month hold period.
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.
