07:18 AM EST, 01/13/2025 (MT Newswires) -- Horizon Petroleum Ltd. (HPL.V) over the weekend announced it intends to complete a private placement of units with a strategic investor.

According to a statement the company intends to issue 1,538,500 units at a price of C$0.13 for gross proceeds of CAD $200,005. The Units comprise: one common share in the capital of the company, and one transferable share purchase warrant entitling the holder thereof to acquire one common share at a price of C$0.30 per share. The rights under the Warrants will last for a period of 48 months following the closing date. The funds will be used for general working capital and advancing the company's projects in Poland.