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Horizon Petroleum, PentaNova Energy Close Deal for Assignment of Hydrocarbon Licenses in France
Friday 11 August 2017

11 August 2017 - Canadian oil and gas reserves developer Horizon Petroleum Ltd. (TSX Venture: HPL) has closed the acquisition of the Ledieux and Ger Permits from PentaNova Energy Corp. (TSX Venture: PNO), the company said on Friday.

The deal was announced in July.

This deal includes a transfer of the shares of 2 Luxembourg subsidiaries of PentaNova to Horizon, plus an investment of CDN 1.5m (USD 1.18m) into Horizon by PentaNova by way of a private placement of shares in the capital of Horizon at CDN 0.12 per share, as part of a larger private placement for approximately CDN 3.5m.

Under the deal, PentaNova subscribed for an aggregate of 12.5m common shares of Horizon at a price of CDN 0.12 per share.

Prior to the transaction PentaNova did not own any shares of Horizon.

PentaNova has entered into an agreement with a third party to assign 250,000 of the shares to a third party pursuant to an advisory agreement.

After closing of the Private Placement, PentaNova will transfer these assigned shares to the third party, so that PentaNova will then own in aggregate 12.25m common shares of Horizon, representing 32.43% of the current issued and outstanding common shares of Horizon.

Horizon shareholders approved the control position of PentaNova at a shareholder's meeting held 14 March 2017.

PentaNova acquired these securities for investment purposes and may in the future acquire or dispose of securities of Horizon, through the market, privately or otherwise, as circumstances or market conditions warrant.

Calgary-based Horizon is focused on the appraisal and development of oil and gas reserves internationally.
Details
Date Published: 11/08/2017
Target: Ledieux and Ger Permits
Country: USA
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: PentaNova Energy Corp
Buyer: Horizon Petroleum Ltd
Comment:
Deal includes a transfer of the shares of 2 Luxembourg subsidiaries of PentaNova to Horizon, plus an investment of CDN 1.5m (USD 1.18m) into Horizon by PentaNova

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