On October 6, 2022, Horizon Petroleum Ltd. closed the transaction. The company issued second and final tranche of 26,000,000 units at a price of CAD 0.02 per unit for an aggregate gross proceeds of CAD 520,000. The company has raised a total of CAD 1,000,000 in the transaction.

The company paid finders fees of 1,200,000 finder's warrants. The transaction is subject to approval from regulatory authority. The transaction involved participation from 20 investors, including pro-group participation for 7,500,000 units.