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Horizon Petroleum ( (TSE:HPL) ) has issued an update.
Horizon Petroleum Ltd. has closed an initial tranche of its secured convertible debenture unit financing, raising $170,000 through the issuance of 170 units priced at $1,000 each, subject to TSX Venture Exchange approval. The debentures, bearing 15% annual interest over 24 months and ranking second behind existing May 2025 debentures, are convertible into common shares and warrants, providing investors with equity upside while giving Horizon funds to cover Polish concession fees and general corporate purposes. Directors and officers subscribed for 125 of the units, making the financing a related-party transaction under Canadian securities rules, though the company relied on available exemptions from formal valuation and minority approval and proceeded without a special committee to expedite closing.
More about Horizon Petroleum
Calgary-based Horizon Petroleum Ltd. is focused on the appraisal and development of conventional onshore oil and natural gas resources in Europe, leveraging a management and board team with significant international oil and gas experience.
Average Trading Volume: 142,854
Technical Sentiment Signal: Sell
Current Market Cap: C$4.37M
For a thorough assessment of HPL stock, go to TipRanks’ Stock Analysis page.