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HORIZON PETROLEUM LTD. CLOSES CONVERTIBLE DEBENTURE UNIT OFFERING
HORIZON PETROLEUM LTD. CLOSES CONVERTIBLE DEBENTURE UNIT OFFERING Canada NewsWire ...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"\n\n\nHORIZON PETROLEUM LTD. CLOSES CONVERTIBLE DEBENTURE UNIT OFFERING\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\nCanada NewsWire\n\n\nCALGARY, AB, March 25, 2026 /CNW/ - Horizon Petroleum Ltd. (TSXV: HPL) (FRA: HPM) (Tradegate: HPM) (\"Horizon\" or the \"Company\") announces that, subject to TSX Venture Exchange acceptance, it has closed its secured convertible debenture units (\"Secured Convertible Debenture Units\") of the company at a price of $1,000 per unit, for aggregate gross proceeds of $1,213,000. Ten investors subscribed for the financing (the \"Offering\").\n\n\n\n\n\n\n\nDr. David Winter, CEO of the Company commented: \"We are pleased to close this financing to complete the acquisition of the key long-lead time equipment for the well test at Lachowice 7 and to commence the civil works at the Lachowice wellsite in readiness for the rig to conduct the workover and testing operations. We appreciate the interest and support of our shareholders and key advisors at Leede Financial as we prepare to test and develop the natural gas discoveries at Lachowice in southern Poland\".The convertible debentures bear interest from the applicable issuance date at 7% per annum until the date that is 24 months following the closing date (the \"Maturity Date\") with interest paid semi-annually in arrears in cash or in shares at the Company's option. The Convertible Debenture will be secured and ranking on default in third position behind the currently issued debentures due on May 20, 2026 (\"Series 1 Debentures\") and the convertible debentures due on December 19, 2027, December 29, 2027 and February 27, 2028 (\"Series 2 Convertible Debentures\").Each holder of a Secured Convertible Debenture Unit shall have the right, at its option, at any time up to and including the Maturity Date, to convert any or all of the Secured Convertible Debenture Units into equity units (\"Equity Units\") on the basis of each $1,000 principal amount for (i) 9,524 common shares of the Corporation (each a \"Common Share\") issued at $0.105 per Common Share, and (ii) 4,762 Common Share purchase wa...