Jersey, Channel Islands 22 January, 2014
Horizon Petroleum plc (the “Company”) announces that it has received TSX Venture Exchange (“Exchange”) approval to, and has closed its non-brokered private placement for 16,666,666 common shares (“Shares”) of the Company at a price of $0.12 per Share for gross proceeds of $2,000,000 (the “Private Placement”).
The Shares are subject to a statutory four month hold period expiring May 23, 2014, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws.
The Company paid aggregate finder’s fees of $80,908 and 674,230 finder warrants in connection with the Private Placement. Each finder warrant is exercisable at a price of $0.16 for a period of six months from the date of closing (expiring July 22, 2014). The finder warrants, and any shares acquired on exercise thereof, are also subject to a statutory four month hold period expiring May 23, 2014.
Proceeds of the Private Placement will be used for general working capital purposes; to enable the Company to further investigate and evaluate oil and gas opportunities in Africa and to finalize any opportunity to completion that may arise.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Neither the 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.