Horizon Petroleum cancels offering

Executive Summary

• Horizon Petroleum Ltd. has terminated its previously announced offering and withdrawn its Final Short Form Base Shelf Prospectus because it failed to raise the minimum aggregate gross proceeds of $6,662,000 by the required deadline of September 20, 2025.
• The company had been granted an extension via an amended undertaking to the Alberta Securities Commission (ASC) to raise the minimum capital through private placement, prospectus supplement, or a combination thereof within 120 days of the prospectus receipt.
• Despite the termination of this specific offering, Horizon intends to continue pursuing financing opportunities for its Polish projects, specifically the Lachowice gas field, and is currently in discussions with European financial institutions.

Key Details

• Termination Reason: Failure to meet the minimum aggregate gross proceeds requirement of $6,662,000 by the deadline of September 20, 2025.
• Regulatory Action: The company has withdrawn the Final Short Form Base Shelf Prospectus dated May 22, 2025, and the associated prospectus supplement for the offering.
• Previous Conditions: The company had delivered an amended and restated undertaking to the executive director of the Alberta Securities Commission (ASC), which provided a 120-day window from the ASC's final receipt of the base shelf prospectus to raise the minimum capital.
• Current Status: The offering and agents have terminated the transaction; no securities will be issued pursuant to the withdrawn prospectus.
• Future Plans: The company remains focused on appraising and developing conventional oil and natural gas resources in Poland, specifically the Lachowice gas field in the Bielska-Biala concession.
• Next Steps: Horizon is in discussions with financial institutions in Europe to raise capital for the development of the Lachowice gas field and will provide updates to shareholders as the process progresses.

Notable Quotes

• "Horizon Petroleum Ltd. will not be proceeding with its previously announced offering... as certain conditions of the offering were not met by the required dates."
• "As Horizon has been unable to raise the minimum amount before Sept. 20, 2025, the company has withdrawn the base shelf prospectus (and the filed supplement for the offering) and will not issue any securities pursuant thereto."