Financial Wire

Horizon Petroleum Raises $2.5 Million After Closing First Tranche of Its Convertible Debenture Unit Offering

-- Horizon Petroleum (HPL.V) on Tuesday said it closed the first tranche of its secured convertible debenture units at $1,000 apiece, for proceeds of $2.5 million. The company added 25 investors subscribed for the financing.

"We appreciate the interest and support of our shareholders and key advisors at Leede Financial as we prepare to test and develop the natural gas discoveries at Lachowice in southern Poland," said Chief Executive David Winter. "We are looking forward to commencing the civil works to prepare the Lachowice-7 wellsite for the testing and first production and continuing our technical and operations planning work for the Lachowice gas development."

Proceeds will be used to complete the civil works at the Lachowice 7 wellsite, the payment of existing liabilities and for general corporate needs.

Shares of the company were last seen down 4.4% at $0.11 on the TSX Venture Exchange.

Price: $0.11, Change: $-0.01, Percent Change: -4.35%

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Horizon Petroleum Raises $2.5 Million After Closing First Tranche of Its Convertible Debenture Unit Offering | Financial Wire