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Horizon Petroleum Ltd. Announces Extension of Non-Brokered Placement of Units
Horizon Petroleum Ltd. Announces Extension of Non-Brokered Placement of Units Canada Ne...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"\n\n\n\n Horizon Petroleum Ltd. Announces Extension of Non-Brokered Placement of Units\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.prntac{\nTEXT-ALIGN: CENTER\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. 26, 2024\n \n\n /CNW/ - Horizon Petroleum Ltd. (NEX: HPL.H)\n \n\n\n\n\n\n\n\n\n Further to its press releases of\n \n August 8, 2024\n \n and\n \n September 18, 2024\n \n , (\"Horizon\" or the \"Company\") announces that it has received TSX Venture Exchange approval to extend the closing of its non-brokered private placement (the \"Offering\") to\n \n October 31, 2024\n \n . The Company has agreed to sell up to\n \n $1,000,000\n \n in subscription receipts (\"Subscription Receipts\") (the \"Subscription Receipt Private Placement\") and units (\"Units\") (\"Unit Private Placement\"), in a non-brokered private placement basis at a price of CA$0.11 (the \"Offering\"). The Company has previously disclosed a closing of a first tranche for gross proceeds of\n \n $718,324.94\n \n on\n \n September 18, 2024\n \n . Horizon expects to close a second tranche in the next few weeks.\n \n\n 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\").\n \n\n 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.\n \n\n...