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FINWIRES

Horizon Petroleum Raises C$541,000 in Debenture Units Offering

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Horizon Petroleum (HPL.V), down 7% on last look on Wednesday, closed its convertible debenture units offering raising C$541,000.

The debentures bear interest at 7% per year and can be converted into units at C$0.20 apiece. Each unit consists of one share and one half a three-year warrant to buy a share for C$0.40.

Proceeds will be used to complete the workover and production testing of the Lachowice 7 gas well and fund work program obligations in the Cieszyn concession, both in Poland.

Horizon Petroleum shares were last seen down C$0.02 to C$0.20, on the TSX Venture Exchange.

Price: $0.20, Change: $-0.02, Percent Change: -6.98%

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