CALGARY,
AB, Aug. 12, 2024 /CNW/ - Horizon Petroleum
Ltd. (the "Company" or "Horizon") (TSXV: HPL) is proposing
to settle certain outstanding debt to management and fees to
directors ("Insider Debt Transaction") in the amount of
CAD$345,000 in exchange for shares of
the Company at a price of CAD$0.11
per Common Share. The Insider Debt Transaction amounts
were a result of deferred salaries of $270,000 since October
2023 and for Directors' fees in the amount of CAD$25,000 per each of the three independent
Directors.
Shares for Management Remuneration Owing and Directors'
Fees
Since October 2023 the Company has
accrued management salaries in order to conserve capital while the
company worked to complete the Transformation Process in
Poland. Management has agreed to
settle the outstanding fees and be paid in shares. Furthermore,
this aligns management with shareholders and demonstrates their
commitment to the Company and their belief in the long term value
potential of Horizon and the development of the Lachowice gas field
in Poland.
The Company will settle the outstanding and accrued management
compensation in the amount of $270,000 and for Directors' fees of an aggregate
of $75,000, through the issuance of
an aggregate of 3,136,364 Common Shares, at a price of $0.11 per Common Share. The debt
settlement is subject to disinterested shareholder approval to be
sought at the shareholder meeting to be held on, or about,
October 23, 2024.
The Common Shares will be subject to a four-month and one day
hold period from the date of issuance in accordance with
applicable securities laws. The transactions contemplated under the
debt settlement agreements are subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including that of the TSX Venture Exchange.
Approval Requirement
Following initial discussions with the TSX Venture Exchange, the
Company has been advised that disinterested shareholder approval is
required for the Insider Debt Transaction. As such, the Company
intends to seek shareholder approval at a shareholder meeting to be
held on or about October 23, 2024
About Horizon Petroleum Ltd.
Calgary-based Horizon is
focused on the appraisal and development of natural gas reserves
and clean energy sources to increase energy independence and
security in Europe. The Management
and Board of Horizon consist of oil & gas, business and finance
professionals with significant international experience.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of applicable
securities legislation. Such forward-looking statements include,
without limitation, forecasts, estimates, expectations and
objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of Horizon. Forward-looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur or be achieved. This press release
contains forward-looking statements pertaining to, among other
things entering into the Concessions and completion of the
transformation process and the furtherance of Horizon's European
acquisition and development strategy. There is no assurance
the Concession will be granted or the transformation process will
be completed.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks, which
could cause actual results to vary and in some instances to differ
materially from those anticipated by Horizon and described in the
forward-looking information contained in this press
release.
Although Horizon believes that the material factors,
expectations and assumptions expressed in such forward-looking
statements are reasonable based on information available to it on
the date such statements were made, no assurances can be given as
to future results, levels of activity and achievements and such
statements are not guarantees of future performance.
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SOURCE Horizon Petroleum Ltd.