Houston American Energy Secures $5 Million in Strategic Financing to Acquire Texas Gulf Coast Development Site

Core Viewpoint - Houston American Energy Corp. has secured a $5 million Convertible Note to fund part of the acquisition of a 25-acre site at Cedar Port Industrial Park, aimed at developing a plastics-to-low-carbon fuels hub [1][4]. Group 1: Acquisition Details - The acquisition site is located in the largest rail and barge-served industrial park in the U.S., providing logistical advantages for transporting feedstock and low-carbon fuels [2]. - The expected closing date for the acquisition is July 2025, with a total cost of approximately $8.5 million [4]. Group 2: Financial Instrument - The Senior Secured Convertible Note has an 8% Original Issue Discount for a face amount of about $5.4 million and carries a 7% interest rate, maturing on July 10, 2026 [3]. - The Note is convertible into common shares at a price representing a 10% premium to a defined look-back price, which is the lower of the closing price on the day prior to signing or the five-day average closing price [3]. Group 3: Company Overview - Houston American Energy Corp. is an independent energy company with a diversified portfolio in both conventional and renewable sectors, focusing on oil and natural gas exploration and production [5]. - The company has recently acquired Abundia Global Impact Group, which specializes in converting waste plastics into low-carbon fuels, reflecting its commitment to sustainable energy solutions [5].