Horizon Petroleum Ltd. announced a non-brokered private placement of up to 11,250,000 units at a price of CAD 0.08 per unit for gross proceeds of up to CAD 900,000 as well as a financing of subscription receipts for proceeds of CAD 35,000,000 for total proceeds of CAD 35,900,000 on January 12, 2023. The company will issue subscription receipts are exercisable into common shares, to a private European Company. Each unit consists of one common share and one warrant.

Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.16 per share at any time within 12 months after closing. The transaction is subject to receipt of all required regulatory and TSX Venture Exchange approvals. The company may pay finder's fees of up to 7% cash and up to 7% convertible securities, or a combination of both, as permitted by the policies of the TSX-V.