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HORIZON PETROLEUM LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF PREVIOUSLY ANNOUNCED FINANCING
HORIZON PETROLEUM LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF PREVIOUSLY ANNOUNCED FINANCING ...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"\n\n\n\n HORIZON PETROLEUM LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF PREVIOUSLY ANNOUNCED FINANCING\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES OF AMERICA\n \n . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./\n \n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Sept. 18, 2024\n \n\n /CNW/ - Horizon Petroleum Ltd. (NEX: HPL.H) (TSXV: HPL) (\"\n \n Horizon\n \n \" or the \"\n \n Company\n \n \") is pleased to announce, further to its news release dated\n \n August 8, 2024\n \n , that it has closed the first tranche of its non-brokered private placement offering through the sale of 6,530,227 subscription receipts (\"\n \n Subscription Receipts\n \n \") at a price of\n \n $0.11\n \n per Subscription Receipt, for gross proceeds to the Company of\n \n $718,324.94\n \n (the \"\n \n Offering\n \n \").\n \n\n\n\n\n\n\n\n\n The Subscription Receipts will be convertible upon satisfaction of the release conditions (the \"\n \n Release Conditions\n \n \"), into one common share in the capital of the Company (each a \"\n \n Common Share\n \n \") and one Common Share purchase warrant of the Company (a \"\n \n Warrant\n \n \") which will be exercisable for a period of four years from closing at a price of\n \n CAD$0.30\n \n per Common Share. The Release Conditions are the grant of the final executed licences for the Bielsko-Biala and Cieszyn concessions located in southwest\n \n Poland\n \n and the graduation of the Company to Tier 2 of the TSX Venture Exchange. The gross proceeds of the Offering (the \"\n \n Escrowed Proceeds\n \n \"), will be deposited in escrow pending the satisfaction of the Release Conditions. Upon the satisfaction of the Release Conditions on, or before,\n \n October 31, 2024\n \n , each Subscription Receipt will be automatically converted, without payment of any additional consideration or further action on the part of the holder thereof, into one Common Share and one Warrant. If the Release Condi...