Mr. David Winter reports
HORIZON PETROLEUM LTD. CLOSES PRIVATE PLACEMENT
Horizon Petroleum Ltd.'s second tranche of its private placement of units announced on Jan. 2, 2024, closed on March 29, 2024.
In the second tranche, the company issued 5.5 million units at a price of five cents for gross proceeds of $275,000. The units comprised: (i) one common share in the capital of the company; and (ii) one transferable share purchase warrant entitling the holder thereof to acquire one common share at a price of 7.5 cents per share. The rights under the warrants will last for a period of 12 months following the closing date.
Horizon Petroleum paid a finder's fee to PI Financial Corp. of $3,500 in cash and broker warrants to acquire 70,000 common shares at a price of 7.5 cents per share for a period of 12 months following the closing date.
In total, for the first and second tranches of the private placement, the company issued 8.6 million 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.
We seek Safe Harbor.
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