Jersey, Channel Islands December 23, 2015
Horizon Petroleum plc (“Horizon”, or the “Company”) (TSXV: HPL) announces that it has filed its annual audited financial statements and related Management’s Discussion and Analysis (“MD&A”) for the year ended August 31, 2015 on SEDAR. The financial statements and MD&A are available on SEDAR at www.sedar.com and on the Company’s website at www.horizon-petroleum.com.
Furthermore, further to the Company’s press release of November 9, 2015, Horizon reports that it is continuing to progress the proposed 50% farm-in under the letter agreement (the “Agreement”) entered into by the Company with a significant international resource company, for the farm-in to an offshore exploration block in West Africa. The Company will release further information on this West African farm-in, when available, and able to do so under the confidentiality terms of the Agreement.
The Company also reports that it continues to work towards the closing of the non-brokered private placement announced on November 9, 2015, for aggregate gross proceeds of up to $2,000,000 (CDN), through the distribution of units at $0.05 per unit; each unit consisting of one share plus ½ warrant with each whole warrant exercisable at $0.075 per share for 24 months. The private placement will be subscribed for by management, Board members, and family, plus consultants, close associates, and others.
The Company has received an extension in time for which it must close the private placement; the Company anticipates closing the private placement on or before January 22, 2016. Funds raised under the private placement will be used to advance the West African farm-in, and for general working capital purposes. Finders’ fees may be payable on a portion of the private placement.
For further information, please contact:
Dr. David Winter
President & CEO
+1 403 984 2444
David R. Robinson
VP Business Development
+1 403 399 9047
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.