CALGARY,
AB, Nov. 25, 2024 /CNW/ - Horizon
Petroleum Ltd. (TSXV: HPL).
Horizon Petroleum Ltd. ("Horizon" or the "Company") is pleased
to announce that, further to its news release dated November 8, 2024 and November 21, 2024, it has met the requirements to
be listed on the TSX Venture Exchange (the "Exchange") as a Tier 2
Oil and Gas Issuer company. Effective as of November 26, 2024, the Company's listing will be
transferred from the NEX to the TSX Venture Exchange. The trading
symbol for the Company has changed from HPL.H to HPL.
Consequently, a total of 8,609,409 subscription receipts of the
Company will convert to Units resulting in cash proceeds of
$947,035 being available to the
Company. The Subscription Receipts will be convertible into one
Common Share and one Common Share purchase warrant of the
Company (a "Subscription Receipt Warrant") which will be
exercisable for a period of four years from the closing date of
October 31, 2024, at a price of
CAD$0.30 per Common Share.
The underlying securities are subject to a four month hold
period from the original date of issue of the Subscription Receipts
(hold period expires January 18, 2025
and March 1, 2025).
Following the conversion Horizon has a total of 46,698,364
Common Shares outstanding and 56,917,823 common shares on a fully
diluted basis.
The Company has now commenced operations in Poland towards establishing first gas
production and cashflow from the Lachowice gas project and will
provide further updates in the coming months as the work
progresses.
Neither the 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.
Cautionary Statement Regarding "Forward-Looking" Information
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 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.
