Horizon Petroleum Receives Conditional TSX Venture Approval
Horizon Petroleum Ltd. (NEX: HPL.H) is excited to share that it has garnered conditional approval from the TSX Venture Exchange to reinstate its listing from NEX to Tier 2, specifically as a Tier 2 Oil and Gas Issuer. This significant reactivation is a major step forward for the company.
Conditions for Reinstatement
The reinstatement is conditioned upon the company fulfilling several requirements, including the acquisition of the final signed concession agreements for the Bielsko-Biala and Cieszyn areas, along with securing all necessary corporate and regulatory approvals.
Financing Closure Highlights
Additionally, Horizon has successfully closed the second tranche of its private placement of Units and subscription receipts, which was first announced previously. This funding initiative saw Horizon issue 1,045,455 Units priced at CAD$0.11 and 2,079,182 Subscription Receipts, yielding gross proceeds amounting to CAD$343,710. Each Unit comprises one common share and one transferable share purchase warrant, allowing the holder to purchase one additional share at a price of CAD$0.20 for a duration of 12 months.
Investment Participation
Throughout the entirety of this fundraising effort, Horizon has issued a total of 1,045,455 Units and 8,609,408 Subscription Receipts which brought the overall gross proceeds to around CAD$1,062,035. The investment climate indicates a positive trend surrounding Horizon, portraying investor confidence in the company’s strategy and vision.
Future Opportunities for Investors
As a vital part of their financing strategy, the Company has committed to paying finder's fees totaling CAD$8,117 in cash, alongside additional warrants for public participation in future successes. As the company proceeds, it invites investors to see the potential growth unfolding through these endeavors.
Regulatory Compliance
Moreover, it is essential to note that all securities that resulted from this private placement will face a trading hold for a period of four months and one day post-closing.
About Horizon Petroleum Ltd.
Horizon Petroleum Ltd. is based in Calgary and maintains a clear focus on the appraisal and development of natural gas reserves along with clean energy resources. The company is dedicated to enhancing energy independence and security, particularly across Europe. A skilled Management team and Board with extensive international expertise back this mission, propelling Horizon's agenda amid an evolving energy landscape.
Frequently Asked Questions
What is Horizon Petroleum's recent announcement?
Horizon Petroleum has received conditional approval for reinstatement onto the TSX Venture Exchange.
What does the TSX Venture Exchange approval involve?
The approval requires Horizon to meet certain conditions, including finalizing concession agreements and obtaining regulatory approvals.
How much funding did Horizon secure in the second tranche?
Horizon raised gross proceeds of CAD$343,710 from the second tranche of securities issued.
What are the benefits of the funding for Horizon?
The funding will assist Horizon in further developing its natural gas reserves and support its expansion efforts.
Who makes up the management team at Horizon?
The management and board consist of professionals with substantial oil, gas, business, and finance backgrounds, all with significant international experience.
