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HORIZON PETROLEUM LTD. ANNOUNCES DEBENTURE UNIT OFFERING
HORIZON PETROLEUM LTD. ANNOUNCES DEBENTURE UNIT OFFERING Canada NewsWire CA...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"\n\n\n\n HORIZON PETROLEUM LTD. ANNOUNCES DEBENTURE UNIT OFFERING\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\n\n CALGARY, AB\n \n\n ,\n \n\n May 13, 2025\n \n\n /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL) (\"Horizon\" or the \"Company\") is ‎pleased to announce that, subject to TSX Venture Exchange acceptance, it intends to complete a non-brokered private placement of up to 720,000 debenture units of the company at a price of\n \n $1\n \n per unit, for aggregate gross proceeds of up to\n \n $720,000\n \n .\n \n\n\n\n\n\n\n\n\n Each unit consists of an aggregate of\n \n $1\n \n principal amount of secured subordinated debentures and 5 common share purchase warrants.\n \n\n The debentures will mature one year following the closing of the offering and are not convertible into equity securities of the company. The debentures will bear interest at a rate of 15 per cent per annum until the maturity date. The company may prepay the debentures at any time prior to the maturity date.\n \n\n Each warrant is exercisable into one common share in the capital of the company at a price of\n \n $0.20\n \n per share for a period of one year from the closing of the offering.\n \n\n The company intends to use the proceeds from the offering for the purchase of long lead items for its planned workover operations in the initial development of the Lachowice gas field in southern\n \n Poland\n \n , and for general working capital purposes, general and administrative expenses. All securities issued under the offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date hereof.\n \n\n\n\n Multilateral Instrument 61-101 – Related Party Transactions\n \n\n\n\n The Company is relying on the exemptions from the ‎valuation and minority ‎shareholder approval requirements of MI 61-101 contained in sections ‎‎5.5(b) and 5.7(1)(a) of MI ‎‎61- 101, as the fair market value of the participation in the Debenture Unit Offering by Directors and ...