#Canada #Oil and Gas #Horizon Petroleum #TSX Venture #Calgary

Horizon Petroleum Reinstated as Tier 2 Issuer on TSX Venture Exchange

Horizon Petroleum Ltd. (TSXV: HPL) is excited to announce its reinstatement as a Tier 2 Oil and Gas Issuer on the TSX Venture Exchange, effective November 26, 2024. This development follows a series of positive updates and financial maneuvers that signify a new chapter for the company.

Transitioning to Tier 2 Status

Previously listed on NEX, Horizon has now met all necessary requirements to upgrade its listing. The transition from NEX to TSXV, alongside the change in trading symbol from HPL.H to HPL, marks a pivotal evolution aimed at enhancing the company's visibility and investment opportunities in the marketplace. Such a move is expected to attract more investor interest and enhance trading volumes for Horizon’s stock.

Financial Boost from Subscription Receipts

As part of this transition, Horizon has successfully converted 8,609,409 subscription receipts into units, securing cash proceeds totaling $947,035. Each subscription receipt transforms into one common share along with a purchase warrant, which shareholders have the option to exercise for a period of four years at a price of CAD$0.30 per share. The conversion strengthens Horizon’s balance sheet and provides necessary liquidity for future projects.

Following this conversion, Horizon will have a total of 46,698,364 common shares outstanding and 56,917,823 on a fully diluted basis. The securities converted are subject to a hold period, with expiration dates set for January 18, 2025, and March 1, 2025.

Future Projects and Developments

In addition to the positive financial news, Horizon Petroleum has embarked on operations in Poland, specifically focusing on the Lachowice gas project. This initiative is aimed at establishing their first gas production and initiating cash flow. Horizon plans to provide ongoing updates as they advance in the coming months, showcasing progress and milestones achieved throughout the development of the project.

Conclusion

Horizon’s recent developments come amid a backdrop of increasing investor confidence and strategic planning, positioning the company advantageously within the competitive oil and gas sector. The reinstatement on the TSX Venture Exchange as a Tier 2 issuer, combined with the financial backing from subscription receipts and ongoing project developments, heralds an era of growth and opportunity for Horizon Petroleum. The management team remains committed to enhancing shareholder value as they advance their operational goals within the European energy landscape.

For more information and regular updates, Horizon Petroleum encourages interested parties to stay tuned to their announcements and financial reports.

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Disclaimer: This article contains forward-looking statements which reflect Horizon Petroleum's current expectations and intentions related to future operations. As these statements involve risk and uncertainty, actual results may differ materially.