Gediminas Jasionis
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Horn Petroleum Corp (CVE:HRN) (PINK:HPMCF) Price Breaks Out of Consolidation

by Gediminas Jasionis May 25, 2012
0hrn_chart.pngHorn Petroleum Corp (CVE:HRN) (PINK:HPMCF) stock price regained some ground after the company decided to do a private placement.

HRN share price gained 36% on Thursday as the price climbed up in a steady manner. The trading volume was 2.2 million, nearly three times heavier than the daily average of 824 thousand. The end of day trading activity suggests a bullish follow up is likely to happen.

It was the first time in more than a week that the share price showed a seriously bullish move. It should have been called by the bulls though - Horn recently signed up for a $15 million funding round and the price was down significantly from the previous controversial drilling update, but bears had failed to force any kind of a downtrend.

horn_logo.jpgHorn will be selling 18.75 million units priced at $0.80 each and consisting of one common share and one share purchase warrant exercisable at a price of $1.20. The deal is non-brokered private placement.

The company will use these fund to spurt the drilling program in Putland, Somalia and for a general working capital purposes as is the common practice. Shares sold under the agreement will be subject to a hold period of four months and traders might even get to see warrants put on the open market at the end of it.

Comments (4)

1. Guest
May 26, 2012, 12:58PM

Quotes Agree, any one could have written this in 2 minutes. Watch it drop next week, a classic P&D. Poor RNS from HRN, followed by the big drop for their buddies to take positions, placement announced then Hill starts bigging it up in Stockholm with his 75% quotes and hey presto you have $1.50. Now for the dump. People should be looking to get in sub $1 IMO or risk being spiked. They are some weeks away from knowing anything yet.

2. Guest
May 25, 2012, 02:08PM

Quotes Agreed. As an oil man myself with 20 years in the business from the North Sea, to the Bay of Tonkin and back this guy doesn't seem to know jack about the oil game or mama afrika. Rothschild, Shell and the Samual Brothers, Spindletop, Baku, who / where ?

Leave this alone Gediminas and go fishing or something...else

Subsea Paulo

3. Guest
May 25, 2012, 01:02PM

Quotes This Gedmininas Jasionis is a complete joke..........surely the share price plummet from $2.05 to around $0.8 last week would have been quite a relevant mention in this article!? Instead, it is a total 1-sided biase report which is misleading at best.

A complete joke of an article by a seemingly clueless writer. Complete and utter nonsense is Gediminas Jasionis

4. Guest
May 25, 2012, 11:17AM

Quotes Yep, a pump and dump in the process here.

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