Horizon Petroleum Ltd. announced a non-brokered private placement of up to 50,000,000 units at a price of CAD 0.02 per share for gross proceeds of up to CAD 1,000,000 on August 23, 2022. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase on common share at a price of CAD 0.05 for a period of twelve months from the date of issuance.

The transaction is subject to approval from the TSX Venture Exchange. In connection with the transaction, certain insiders are expected to purchase Units in the transaction. The company may pay finder's fees in cash or securities, or a combination of both, as permitted by the policies of the TSX-V. Closing of the transaction is subject to the acceptance of the of the TSX-V. The securities being issued pursuant to the offering will be subject to a hold period expiring four months and one day from the date of issuance in accordance with applicable Canadian securities law and the policies of the TSX-V.