Deer Horn Announces Non-Brokered Private Placement and Debt Settlement Transactions
Deer Horn Announces Non-Brokered Private Placement and Debt Settlement Transactions
Vancouver, British Columbia (FSCwire) - Deer Horn Capital Inc. (CSE: DHC) (the “Company” or “Deer Horn”), announces that it intends to raise up to $170,000 by way of a non-brokered private placement of up to 1,700,000 common shares at a price of $0.10/share. The Company may pay a finder’s fee consisting of cash, shares and/or warrants to eligible finders as permitted under applicable securities laws and CSE policies. Proceeds from this offering will be used for general corporate purposes.
Deer Horn also announces that it proposes to effect a debt conversion to settle an aggregate of $230,000 owing to consultants, lenders and other creditors, including some insiders. The debt conversion will result in the issuance of an aggregate of 2,300,000 common shares of the Company at a deemed price of $0.10/share. The settled debt will include the issuance of 1,200,000 shares (approx. 8.9% of Deer Horn’s then issued shares, assuming completion of the private placement and the debt conversions) to a private company owned by Tyrone Docherty, the CEO, President and a director of the Company to settle $120,000 debt; and 300,000 shares (approx. 2.2% of Deer Horn’s then issued shares, assuming completion of the private placement and all debt conversions) to Pamela Saulnier, CFO of the Company, to settle $30,000 debt. The debt settlements to Mr. Docherty and Ms. Saulnier will be related party transactions as defined in Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the formal valuation requirement and the shareholder approval requirement of MI 61-101.
About Deer Horn
Deer Horn Capital is exploring and developing the Deer Horn Property, a rich gold and silver project with high tellurium grades.
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On behalf of the board of directors of Deer Horn Capital Inc.
“Tyrone Docherty” Tyrone Docherty President and CEO
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For further information please contact:
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Neither the Canadian Securities Exchange nor its regulations services accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the associated document to this release, please click on the following link:
public://news_release_pdf/DeerHorn03082018.pdf
To view the original release, please click here
Source: Deer Horn Capital Inc. (CSE:DHC, OTC Pink:GODYF)
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