08:35 AM EST, 11/21/2024 (MT Newswires) -- Horizon Petroleum Ltd. (HPL.V) said Thursday that its wholly owned Polish subsidiaries have received the final, signed concession agreements for a 100% working interest in the Bielsko-Biala and Cieszyn concessions in southwest Poland. In connection with the signed concession agreements the company has also entered into an amendment agreement with San Leon Energy plc to amend the payment date for the final consideration payable to San Leon to on or before April 30, 2025.

A statement noted completion of these steps satisfies the remaining conditions for graduation of the company from the NEX to the TSX Venture Exchange as a Tier 2 Oil and Gas Issuer. The company expects to complete this graduation process next week.

Upon such graduation a total of 8,609,409 subscription receipts of the company will convert to units resulting in cash proceeds of $947,035 being available to the company. The subscription receipts will be convertible into one common share and one common share purchase warrant of the company, which will be exercisable for a period of four years from closing at a price of C$0.30 per common share. The underlying securities are subject to a four month hold period from the original date of issue of the Subscription Receipts.