Monday, February 03, 2020 11:00:59 PM
2020-01-24 18:22 ET - News Release
Mr. Tyrone Docherty reports
DEER HORN ANNOUNCES DEBT SETTLEMENT TRANSACTION
Deer Horn Capital Inc. proposes to effect a debt conversion to settle an aggregate of $60,000 owing to insiders. The debt conversion will result in the issuance of an aggregate of 1.2 million units of the company at a deemed price of five cents per unit. Each unit consists of one common share and one common share purchase warrant exercisable at 10 cents per warrant share for a period of two years following the close of the settlement.
The settled debt will include the issuance of 1.2 million shares (assuming completion of the debt conversions) to a private company owned by Tyrone Docherty, the chief executive officer, president and a director of the company, to settle $25,000 debt (approximately 2.7 per cent of Deer Horn's then-issued shares, assuming completion of the debt conversion); $30,000 owing to a private company owned by Tony Fogarassy, a director of the company (approximately 3.3 per cent of Deer Horn's then-issued shares, assuming completion of the private placement and the debt conversions) and 100,000 shares to Pamela Saulnier, chief financial officer of the company, to settle $5,000 debt (approximately 0.5 per cent of Deer Horn's then-issued shares, assuming completion of the private placement and the debt conversions). The debt settlements to Mr. Docherty, Mr. Fogarassy 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 Capital Inc.
Deer Horn Capital is committed to exploring for, and providing, strategic and critical metals vital to a low-carbon economy and for the advancement of technology. The company's leadership has a record of project monetization with a board and advisory group that includes industry leaders in finance, mineral property development, geology, mineralogy, solar power, engineering, research and first nations engagement, and economic development.
We seek Safe Harbor.
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