09:42 AM EDT, 05/14/2025 (MT Newswires) -- Horizon Petroleum (HPL.V), which jumped 18.5% yesterday, was edging up again early today after overnight Tuesday saying it plans to complete a non-brokered private placement of up to 720,000 debenture units of the company at a price of $1 per unit.

The private placement is subject to TSX Venture Exchange acceptance.

A statement noted each unit is made up of an aggregate of $1 principal amount of secured subordinated debentures and five common share purchase warrants.

The debentures, which will bear an interest rate of 15% per annum until the maturity date, will mature one year following closing of the offering and are not convertible into equity securities of the company.

Each warrant is exercisable into one common share in the capital of the company at a price of $0.20 per share for a period of one year from the closing of the offering.

The company said it plans to use the proceeds from the offering for the purchase of long lead items for its planned workover operations in the initial development of the Lachowice gas field in southern Poland, and for general working capital purposes, general and administrative expenses.

Price: 0.17, Change: +0.01, Percent Change: +6.25