(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)
VANCOUVER, Aug. 10 /PRNewswire-FirstCall/ - PETRO HORIZON
ENERGY CORP. (TSXV.PHE), announces that the TSX Venture Exchange
has accepted for filing, documentation with respect to a
non-brokered private placement consisting of 1,750,000 flow-through
units at a price of $0.20 per unit
for gross proceeds of $350,000.
$300,000 of this financing was placed
with the MineralFields Group. Each unit consists of one common
flow-through share and one 1/2 share purchase warrant. Each full
share purchase warrant will entitle the holder thereof to purchase
one additional share of the Company at a price of $0.35 per share for a period of up to eighteen
months from the closing date of the private placement. The shares
are subject to a four month hold period. Finder's fees of
$21,000 were paid to Limited Market
Dealer Inc. on the MineralFields portion of the financing.
The proceeds of this financing will be used to finance the 2010
work program on the Brazil Lake Lithium Rare Metals Project.
About MineralFields:
MineralFields Group (a division of Pathway Asset Management),
based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant
assets under administration that offers its tax-advantaged super
flow-through limited partnerships to investors throughout
Canada as well as hard-dollar
resource limited partnerships to investors throughout the world.
Pathway Asset Management also specializes in the manufacturing and
distribution of structured products and mutual funds (including the
Pathway Multi Series Funds Inc. corporate-class mutual fund
series). Information about MineralFields Group is available at
www.mineralfields.com. MineralFields and Pathway have financed
several hundred mining and oil and gas exploration companies to
date.
About Petro Horizon Energy Corp:
Petro Horizon Energy Corp. is a Canadian exploration company
focused on the discovery and development of Lithium and rare metal
deposits. The Company is currently focused on the 3,160 acre
Brazil Lake property is located
approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west
of the Avalon Rare Metals (AVL) East Kemptville Project. Drilling
to date has successfully revealed two Lithium bearing pegmatite
dikes. In addition to Lithium, the dikes host several other rare
metals such as tantalum, niobium, beryllium, tungsten tin and
rubidium. Metallurgical bench testing to date has also revealed
other potential economic targets, including cosmetic grade mica,
silica chloride, aluminum chloride and rubidium enriched potassium
feldspar.
As per a news release dated July 21,
2010, field crews have initiated the 2010 work program
consisting of a detailed prospecting and mapping grid over the
property. The focus will be on locating other pegmatite dikes in
addition to the established North and South dikes. A baseline
(North-South) would be established to cover the ground between
Bloomfield and Deerfield and cross lines (East-West) put in
at 100 meter intervals extending between the Brazil Lake road on
the west and the Meguma/White Rock
contact on the East. This would result in a 8 km long baseline and
2 km long cross lines. Detail work would be done on 25 or 50 meter
lines where targets develop. All significant points will be
surveyed in using GPS and mapping of all outcrops will be
undertaken. Any areas that show signs of a potential pegmatite
discovery would then be trenched or recommended for follow up
exploration using secondary methods such as geochem and/or
geophysics. Results may serve to define other drill targets for the
drill program scheduled to proceed immediately thereafter.
On Behalf of the board of directors
"Ron Bourgeois"
Ron Bourgeois, President
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Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking statements relating to future events or future
performance and reflecting Petro Horizon's management's
expectations or beliefs regarding future events include, but are
not limited to, statements with respect to completion of the
private placement and related matters. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of Petro Horizon to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others,
risks related to actual results of current exploration activities;
changes in project parameters as plans continue to be refined;
future prices of resources; possible variations in ore reserves,
grade or recovery rates; accidents, labour disputes and other risks
of the mining industry; delays in obtaining governmental approvals
or financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
Petro Horizon's interim and annual financial statements and
management's discussion and analysis of those statements, all of
which are filed and available for review on SEDAR at www.sedar.com.
Although Petro Horizon has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.Accordingly,
readers should not place undue reliance on forward looking
statements.
SOURCE Petro Horizon Energy Corp.
Copyright . 10 PR Newswire