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Horizon Petroleum ( (TSE:HPL) ) just unveiled an announcement.
Horizon Petroleum Ltd. has launched a private placement financing of up to $1.2 million in secured convertible debentures, priced at $1,000 each and ranking behind its existing Series 1 and Series 2 debentures. The instruments carry a 7% annual interest rate over 24 months and are convertible into units at $0.10 per unit, each unit consisting of one common share and one-half warrant, with full warrants exercisable at $0.15 for 36 months.
The company plans to use the proceeds to fund final payments for long-lead items and civil works tied to the planned re-entry of its Lachowice 7 gas well, as well as for general working capital in Poland and Canada. Insider participation will make the deal a related-party transaction under securities rules, pending TSX Venture Exchange approval, and the financing structure underscores Horizon’s continued capital-intensive push to advance its Polish gas assets while navigating regulatory and minority-protection requirements.
More about Horizon Petroleum
Horizon Petroleum Ltd. is a Calgary-based oil and natural gas company focused on the appraisal and development of conventional onshore European resources. The company holds two concessions in Poland with significant undeveloped natural gas discoveries and is initially concentrating on developing the Lachowice gas field in the Bielska-Biala concession, led by a management team with extensive international industry experience.
Average Trading Volume: 142,214
Technical Sentiment Signal: Hold
Current Market Cap: C$6.11M
For an in-depth examination of HPL stock, go to TipRanks’ Overview page.