Houston American Energy Corp. Announces Closing of Private Placement and New Leadership to Boost Growth & Transformation

Group 1: Private Placement and Financials - Houston American Energy Corp. has closed a private placement offering, issuing 2,180,180 shares of common stock, raising approximately $2.5 million in gross proceeds before expenses [1] - The private placement was conducted under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, and the securities were offered only to accredited investors [6] Group 2: Management Changes - John F. Terwilliger has stepped down as President and CEO, effective November 11, 2024, but will continue to provide advisory services and serve as a director [3] - Peter F. Longo has been appointed as the new President and CEO, effective November 11, 2024, and will also join the board of directors [4] - The board has received the resignation of James A. Schoonover as a director, effective November 11, 2024, with Robert J. Bailey joining the board on the same date [7] Group 3: Strategic Direction - Peter Longo emphasized the company's commitment to driving shareholder value and exploring new opportunities in the energy sector, including oil & gas, renewable energy, and energy transition technologies [6] - The net proceeds from the private placement will be used for general corporate purposes and to pursue strategic growth initiatives, including potential acquisitions and investments in the energy sector [6]