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An update from Horizon Petroleum ( (TSE:HPL) ) is now available.
Horizon Petroleum Ltd. has launched a private placement of up to $3 million in secured convertible debentures, priced at $1,000 each, bearing 7% interest and maturing 24 months after closing, anticipated on or before April 15, 2026. The debentures are convertible into common shares and warrants, will rank behind three existing series of debentures, and remain subject to TSX Venture Exchange approval and a four-month hold period.
Proceeds from the financing will fund civil works for the planned re-entry of the Lachowice 7 gas well in southern Poland, provide working capital for operations in Poland and Canada, and repay existing liabilities. Certain directors and officers are expected to participate under related-party transaction exemptions, and the deal, which may include finder fees of up to 7% in cash and 7% in warrants, underscores investor interest in Horizon’s European gas strategy and its Lachowice development program.
More about Horizon Petroleum
Horizon Petroleum Ltd. is a Calgary-based energy company focused on the appraisal and development of conventional oil and natural gas resources in Europe. The company holds two concessions in Poland with significant undeveloped gas discoveries, and its initial development priority is the Lachowice gas field in the Bielska-Biala concession, supported by a management team with extensive international oil and gas experience.
Average Trading Volume: 146,214
Technical Sentiment Signal: Hold
Current Market Cap: C$5.24M
For an in-depth examination of HPL stock, go to TipRanks’ Overview page.