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Horizon Petroleum Launches C$500,000 Fully Subscribed Convertible Debenture Financing

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Horizon Petroleum (HPL.V) launched a fully subscribed financing of convertible debentures, taking the form of a private placement offering for up to C$500,000 of secured convertible debentures at C$1,000 apiece, it said in a statement on Thursday.

The proceeds will be used to pay costs of the workover and production testing of the Lachowice 7 gas well, pay work program obligations in the Cieszyn concession and provide working capital for general corporate purposes in Poland and in Canada.

Shares of the company closed up 5.7% to C$0.185 on Wednesday on the TSX Venture Exchange.

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