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Horizon Petroleum ( (TSE:HPL) ) has provided an announcement.
Horizon Petroleum Ltd. has revised the terms of its previously announced secured convertible debenture private placement, increasing the maximum aggregate principal amount to $1,215,000 and raising the conversion price to $0.105 per unit. The debentures, bearing 7% annual interest over 24 months and ranking third behind existing series, are convertible into units comprising one common share and one-half warrant, with each whole warrant exercisable at $0.15 for 36 months.
Participation by company directors and officers makes the financing a related party transaction under Canadian securities rules, though Horizon says it qualifies for exemptions from formal valuation and minority approval requirements. The offering, which may include finder fees of up to 7% in cash and 7% in warrants, remains subject to TSX Venture Exchange approval and will be issued with a four-month statutory hold period, potentially strengthening Horizon’s funding base for its Polish natural gas development plans.
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 Polish concessions with significant undeveloped natural gas discoveries and plans to prioritize development of the Lachowice gas field in the Bielska-Biala concession, backed by a management team with extensive international energy experience.
Average Trading Volume: 139,378
Technical Sentiment Signal: Hold
Current Market Cap: C$6.11M
See more insights into HPL stock on TipRanks’ Stock Analysis page.