Houston American Energy Corp. Announces Closing of Private Placement and New Leadership to Boost Growth & Transformation
11 November 2024 - 5:10PM
Houston American Energy Corp. (NYSE American: HUSA) (the “company”)
today announced that the company has closed a private placement
offering for the issuance and sale of 2,180,180 shares of common
stock of the company (the “private placement“) to an accredited
investor. The aggregate gross proceeds to the company from the
offering were approximately $2.5 million, before deducting
placement agent fees and other offering expenses.
Univest Securities, LLC acted as the exclusive
placement agent for the private placement.
The company today also announced certain
management changes.
John F. Terwilliger, the company’s President and
Chief Executive Officer, has advised the company that he would be
stepping down from those positions, effective November 11, 2024.
Mr. Terwilliger will provide advisory services to the company for a
limited period of time to effect an orderly transition. Mr.
Terwilliger will continue to serve as a director of the
company.
The company’s board of directors has appointed
Peter F. Longo to serve as President and Chief Executive Officer of
the company, effective on November 11, 2024. Mr. Longo will also
join the company’s board as a director effective November 11,
2024.
Mr. Longo is a seasoned and innovative
executive. Mr. Longo currently serves as the Chairman of Cyient,
Inc. the U.S. subsidiary of Cyient, Ltd. Cyient has approximate
revenues of $700 million and provides engineering, manufacturing,
geospatial, network, and operations management services to global
industry leaders in various sectors including all aspects of the
energy sector. Prior to Cyient, Mr. Longo served as SVP of
Operations for United Technologies Corp. (UTC) prior to its merger
with Ratheon. Peter served as CFO, and CIO at a number of its
subsidiaries including UTC Aerospace Systems, Pratt & Whitney,
Sikorsky, & Hamilton Sundstrand.
Peter Longo: “Houston American Corp. has a long
history in the oil & gas sector. I am honored to be in a
position to help drive shareholder value as we embark on this new
period of transition and growth for Houston American Corp. The
funds received in the private placement will enable us to explore
opportunities to add to our portfolio. We will be seeking out new
opportunities in various parts of the energy sector. The demand for
all forms of energy is only growing and there are many
opportunities in oil & gas, renewable energy, and energy
transition technologies. I am committed to unlocking new
opportunities for innovation and growth for the company.”
The securities sold in the private placement
were offered in a private placement under Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Act“) and Regulation D
promulgated thereunder and have not been registered under the Act
or applicable state securities laws. Accordingly, such securities
may not be offered or sold in the United States absent registration
with the Securities and Exchange Commission or an applicable
exemption from such registration requirements. The securities were
offered only to accredited investors
The company intends to use the net proceeds from
the offering for general corporate purposes and to pursue strategic
growth initiatives which may include acquisitions and investments
in the energy sector; including oil & gas, energy transition,
renewable energy, and/or companies that service these sectors. The
company will consider various opportunities including portfolio
companies of Bower Family Holdings, LLC or any other investor of
the company.
In addition, the board has received the
resignation of James A. Schoonover as a director from the board,
effective November 11, 2024. Mr. Schoonover’s departure from the
board was not due to any disagreement between the director and the
company. Robert J. Bailey, has joined the board of directors of the
company effective November 11, 2024.
Cautionary Note Regarding
Forward-Looking Information:
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking information”) within the meaning of applicable
securities laws. Forward-looking information is based on
management’s current expectations and beliefs and is subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Forward-looking information in this news release
includes statements about: the use of the net proceeds of the
offerings and the next stages of the Company’s commercial
activities.
With respect to the forward-looking information
contained in this news release, the company has made numerous
assumptions. While the company considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
business, economic, competitive, market and social uncertainties
and contingencies. Additionally, there are known and unknown risk
factors which could cause the company’s actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. A complete discussion
of the risks and uncertainties facing our business is disclosed in
our Annual Report on Form 10-K and other filings with the SEC on
www.sec.gov.
All forward-looking information herein is
qualified in its entirety by this cautionary statement, and the
company disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.
For additional information, view the company’s
website at www.houstonamerican.com or contact Houston American
Energy Corp. at (713) 222-6966.
Houston American Energy (AMEX:HUSA)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Houston American Energy (AMEX:HUSA)
Historical Stock Chart
Von Dez 2023 bis Dez 2024