PMI RESOURCES LTD.
Suite 3123 – 595 Burrard Street
Vancouver, B.C. V7X 1J1
Tel: (604) 609-6110 Fax: (604) 609-6145
Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) and PMI Resources Ltd. (“PMI”) (TSXV: PMI) are pleased to report that, further to the press releases of January 17, 2017, and January 31, 2017, the Companies have entered into a definitive agreement (the “Share Purchase Agreement”, or “SPA”) dated February 20, 2017, under which PMI will assign to Horizon its two Luxembourg subsidiaries which hold a 100% working interest in two hydrocarbons licenses in southwest France known as Ledeuix and Ger, and consisting of approximately 171,520 acres (the “Assignment”). The two hydrocarbons licenses were described in detail in the press release of January 17, 2017.
Under the SPA, and as previously reported, PMI has agreed to invest $1.5 million (CDN) into Horizon, by way of a private placement of shares in the capital of Horizon (“Shares”) at $0.02 per share, as part of a larger private placement for up to $3.3 million (the “Private Placement”).
Concurrent with the investment by PMI into the Company, PMI has the right to appoint one member to the Board of Directors of Horizon (the “Appointment”).
The Private Placement, the Appointment and completion of the Assignment is subject to regulatory and shareholder approval, including TSXV review and approval in accordance with its Policies.
About Horizon Petroleum Ltd.
Calgary-based Horizon is focused on the appraisal and development of oil & gas reserves internationally. The Management and Board of Horizon consist of oil & gas professionals with significant international experience.
For further information about the Company, please contact:
Dr. David Winter
President & CEO
+1 403 619-2957
David R. Robinson
VP Business Development
+1 403 399-9047
For further information about PMI, please contact:
David Farrell
President & CEO
Tel: (604) 609-6110
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Horizon or PMI. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the completion of the Share Purchase Agreement, the Private Placement, the Appointment, or the Assignment.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Horizon or PMI, and described in the forward-looking information contained in this press release.
Although Horizon and PMI believe that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to them on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.