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CALGARY,
AB, Dec. 12, 2022 /CNW/ - Horizon Petroleum
Ltd. (TSXV: HPL.H) ("Horizon" or the "Company") is
pleased to announce that it has entered into a non-binding letter
of intent ("LOI") dated December 9,
2022, to enter into a business combination (the
"Transaction") with an arm's length oil and gas
company. It is expected that upon completion of the
Transaction, the combined entity (the "Resulting Issuer")
will meet the listing requirements for a Tier 1 Oil & Gas
issuer under the policies of the TSX Venture Exchange (the
"TSXV").
The Transaction constitutes an Arm's Length Transaction under
the policies of the TSXV.
A more comprehensive news release will be issued by Horizon
disclosing details of the Transaction, including financial
information of the target company and details of insiders and
proposed directors and officers of the Resulting Issuer in due
course. Trading in the securities of Horizon will be halted
until the completion of the Transaction.
Cautionary Note
Completion of the Transaction is subject to a number of
conditions, including but not limited to, TSXV acceptance and if
applicable pursuant to TSXV requirements, majority of the minority
shareholder approval. Where applicable, the Transaction cannot
close until the required shareholder approval is obtained. There
can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or listing statement to be prepared
in connection with the transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of Horizon should be considered highly speculative.
The TSXV has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
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content:https://www.prnewswire.com/news-releases/horizon-petroleum-ltd-announces-letter-of-intent-for-proposed-acquisition-of-european-oil-and-gas-company-301700916.html
SOURCE Horizon Petroleum Ltd.