04:31 PM EST, 01/17/2025 (MT Newswires) -- Horizon Petroleum (HPL.V) said Friday afternoon it completed a private placement of units with a strategic investor.

The company issued 1.54-million units at $0.13 each, raising $200,000. Each unit is made up of a share and a transferable four-year warrant to buy a share for $0.30.

Proceeds will be used for general working capital and to support Horizon's projects in Poland. The private placement is still subject to final approval from the TSX Venture Exchange, the company said.

Horizon shares closed up $0.025, or 14%, to $0.20 on the TSX Venture Exchange.