On March 20, 2023, Horizon Petroleum Ltd. closed the transaction.The company issued 1,143,500 units at a price of CAD 0.08 for gross proceeds of CAD 91,480 in its second tranche. In connection to the tranche, the company paid a cash commission of CAD 388 cash and broker warrants to acquire 8,100 Common Shares at a price of 0.08 per Share for a period of 12 months from closing. The transaction included participation from insider for a total of approximately CAD 5,000.

Horizon paid a finder's fee to St. Peter Investments of 80,000 Units at a price of CAD 0.08 with each unit comprised of one common share and one share purchase warrant entitling the holder thereof to acquire one Common Share at a price of CAD 0.16 per Share for a period of 12 months. The TSX Venture Exchange has accepted for filing documentation with respect to the second tranche of a non-brokered private placement.

The transaction included participation from three placees including existing insider involvement of one insider for 62,500.