Horn Petroleum Corp. Heads into 2nd Day of Trade Following 186% Moon Shot on Friday

By Midnight Trader,  September 26, 2011, 08:05:54 AM EDT

Horn Petroleum Corp. (HRN.V) starts this morning at $1.00 a share following a 186% rocket shot for the oil and gas exploration company during in its first day of TSX Venture Exchange trading on Friday.

Horn, formerly Denovo Capital Corp., earlier last week completed its qualifying transaction by acquiring all of the outstanding shares of Canmex Holdings I Ltd., a one-time subsidiary of Africa Oil Corp (AOI.V) with assets in Puntland, Somalia, in exchange for just over 18 million shares of Horn stock.

As part of the deal, Africa Oil also bought another 11.1 million Horn equity units in a private placement priced at 90 cents per unit and now owns a 51.4% stake in Horn.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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