Company also plans Iskander Energy acquisition for 55,373,072 shares
By Devika Patel
Knoxville, Tenn., April 21 – Horizon Petroleum Ltd. said on Wednesday that it will raise between C$1.2 million and C$2 million in a non-brokered private placement of stock.
The company will sell common shares at C$0.05 per share, which is identical to the April 19 closing share price.
Settlement is expected May 15.
The deal is being conducted in connection with an agreement with Iskander Energy Corp. under which Horizon will acquire all of Iskander’s common shares for 55,373,072 Horizon shares at a deemed value of C$0.05 per share.
The oil and gas explorer is based in Calgary, Alta.
| Issuer: | Horizon Petroleum Ltd.
|
| Issue: | Common stock
|
| Amount: | C$1.2 million (minimum), C$2 million (maximum)
|
| Price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 20
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: HPL
|
| Stock price: | C$0.05 at close April 19
|
| Market capitalization: | C$2.21 million
|
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