/Not for distribution to U.S. Newswire
Services or for dissemination in the
United States of America. Any failure to comply with this
restriction may constitute a violation of U.S. Securities
laws./
CALGARY,
AB, April 2, 2024 /CNW/ - Horizon Petroleum
Ltd. ("Horizon" or the "Company") (TSXV: HPL.H) is
pleased to announce that the second tranche of its private
placement of Units announced on January 2,
2024, ("Private Placement") closed on March 29, 2024.
In the second tranche the Company issued 5,500,000 Units at a
price of CAD$0.05, for gross
proceeds of CAD$275,000. The Units comprised: (i) one common
share in the capital of the Company ("Common Share"), and (ii)
one transferable share purchase warrant entitling the holder
thereof to acquire one Common Share at a price of CAD$0.075 ("Warrant") per share (collectively
the "Warrants"). The rights under the Warrants will last for a
period of 12 months following the closing date.
Horizon paid a finder's fee to PI Financial Corp. of
$3,500 cash and broker warrants to
acquire 70,000 Common Shares at a price of 0.075 per Share for a
period of 12 months following the closing date.
In total, between the first and second tranches of the private
placement, the Company issued 8,600,000 Units for gross proceeds of
$430,000.
The Private Placement remains subject to TSX Venture Exchange
final acceptance.
All securities issued in connection with the Private Placement
will not be able to be traded in Canada, or through the facilities of the TSX
Venture Exchange, for a period of four months and one day from
the date of closing.
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this news release.
Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. The Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to the Company. Additional information identifying risks
and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at
www.sedar.com.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE Horizon Petroleum Ltd.
