/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, Sept. 26, 2024 /CNW/ - Horizon Petroleum
Ltd. (NEX: HPL.H)
Further to its press releases of August
8, 2024 and September 18,
2024, ("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
October 31, 2024. The Company has
agreed to sell up to $1,000,000 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 $718,324.94 on September
18, 2024. Horizon expects to close a second tranche in the
next few weeks.
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").
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.
In connection with the Offering, Horizon may pay finder's fees
of up to 7% cash and up to 7% convertible securities, or a
combination of both, as permitted by the policies of the TSX-V. The
net proceeds of the Offering are expected to be used for general
and administrative expenses and for advancing certain concession
fees upon signing the concession agreements for
the Bielsko-Biala and Cieszyn concessions located in southwest
Poland.
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 and
the Transformation Process 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 the achievement of a successful outcome with respect to the
Transformation Process, and the furtherance of Horizon's European
acquisition and development strategy.
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.
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.
