Horizon Petroleum Announces Update on C$5 Million Financing and Acquisition in Poland
CALGARY, Alberta--(BUSINESS WIRE)--Oct 2, 2018--Horizon Petroleum Ltd. (the “ Company ” or “ Horizon ”) (TSXV: HPL) is pleased to announce that it has closed a first tranche of $956,000 of the private placement (the “ Private Placement ”), through the issuance of 19,120,000 common shares (“ Common Shares ”) at a price of $0.05 per Common Share. The Common Shares issued are subject to a hold period expiring on January 27, 2019. Management has subscribed, directly or indirectly, for 2,500,000 Common Shares for proceeds of $125,000. Management and Horizon’s Board have further committed to subscribe for an additional 2,960,000 Common Shares for subscription proceeds of $148,000, which is expected to close on or before October 15, 2018. In connection with the Private Placement, the Company paid, in the aggregate, a cash commission of $54,360, and has agreed to issue 1,087,200 brokers warrants as an additional portion of the commission, subject to the approval of the TSX Venture Exchange.
Horizon has entered into a new engagement agreement with Canopus Capital AG, a Liechtenstein based energy-focused financial advisory firm to expand our base of European investors. In addition, Horizon is continuing to work with Gneiss Energy Limited as previously announced to continue its efforts to raise funds from European investors.
Horizon has signed an amendment to the definitive agreements to acquire concessions in Poland, extending the long stop date to December 21, 2018. It has further agreed that no funds will be payable upon closing the acquisition until the licences are successfully transferred to Horizon. This agreement, combined with the joint venture announced August 10, 2018, has significantly reduced the Company’s near term capital requirements.
Horizon continues to work with the Polish authorities on its pre-qualification process, which is the first step to closing the acquisition of concessions in Poland by Horizon (the “ Acquisition ”), which was previously announced on September 19, 2017. The Company had expected to close the acquisition in the third quarter of 2018, and now, Horizon expects to receive pre-qualification and close the acquisition in the fourth quarter of 2018 or early 2019.
About Horizon Petroleum Ltd.
Calgary-based Horizon is focused on the appraisal and development of conventional oil & natural gas resources onshore Europe. The Management and Board of Horizon consist of oil & natural gas professionals with significant international experience.
Note Regarding Forward Looking Statements.
This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to the Company’s plans and other aspects of our anticipated future operations , the closing and timing of the Acquisition, the closing and timing of closing of additional financing. Forward-looking information typically uses words such as “anticipate”, “believe”, “project”, “expect”, “goal”, “plan”, “intend” or similar words suggesting future outcomes, statements that actions, events or conditions “may”, “would”, “could” or “will” be taken or occur in the future.
The forward-looking information is based on certain key expectations and assumptions made by Horizon’s management, including expectations and assumptions concerning Horizon’s ability to raise additional funds in Europe and regulatory approval in Poland. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Horizon can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. Horizon’s actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide securityholders with a more complete perspective on future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181002005122/en/
CONTACT: Horizon Petroleum Ltd.
Dr. David Winter, +1-403-619-2957
President & CEO
Matthew L. Janisch, , +1-403-975-4941
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Horizon Petroleum Ltd.
Copyright Business Wire 2018.
PUB: 10/02/2018 06:40 AM/DISC: 10/02/2018 06:40 AM