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HORIZON PETROLEUM LTD. ANNOUNCES LETTER OF INTENT FOR PROPOSED ACQUISITION OF EUROPEAN OIL AND GAS COMPANY
HORIZON PETROLEUM LTD. ANNOUNCES LETTER OF INTENT FOR PROPOSED ACQUISITION OF EUROPEAN OIL AND GA...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"\n \n \n \n HORIZON PETROLEUM LTD. ANNOUNCES LETTER OF INTENT FOR PROPOSED ACQUISITION OF EUROPEAN OIL AND GAS COMPANY\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 \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 \n CALGARY, AB\n \n \n ,\n \n \n Dec. 12, 2022\n \n \n /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL.H) (\"\n \n Horizon\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into a non-binding letter of intent (\"\n \n LOI\n \n \") dated\n \n December 9, 2022\n \n , to enter into a business combination (the \"\n \n Transaction\n \n \") with an arm's length oil and gas company.  It is expected that upon completion of the Transaction, the combined entity (the \"\n \n Resulting Issuer\n \n \") will meet the listing requirements for a Tier 1 Oil & Gas issuer under the policies of the TSX Venture Exchange (the \"\n \n TSXV\n \n \").\n \n \n The Transaction constitutes an Arm's Length Transaction under the policies of the TSXV.\n \n \n A more comprehensive news release will be issued by Horizon disclosing details of the Transaction, including financial information of the target company and details of insiders and proposed directors and officers of the Resulting Issuer in due course.  Trading in the securities of Horizon will be halted until the completion of the Transaction.\n \n \n \n Cautionary Note\n \n \n \n Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.\n \n \n Investors are cautioned that, except as disclosed in the management ...