08:12 AM EDT, 03/20/2026 (MT Newswires) -- Horizon Petroleum (HPL.V) Friday announced a change to the terms of its convertible debenture financing that was announced on March 17, 2026.

The private placement offering of up to $1.22 million of secured convertible debentures is a slight increase from the previous amount of $1.2 million. The debentures, at $1,000 apiece, bear interest at 7% per annum.

The offering will close on March 23, 2026. The debentures can be converted into units at a conversion price of $0.105 each, up from the previous conversion price of $0.10.

Each unit is comprised of one share and one-half of a purchase warrant. Each whole warrant can acquire one share at $0.15. The proceeds will be used to re-open the Lachowice 7 gas well and provide working capital for general corporate purposes in Poland and in Canada.