Proceeds to advance Deer Horn property, fund general working capital
By Susanna Moon
Chicago, Feb. 17 - Deer Horn Metals Inc. said it closed its non-brokered private placement of units for C$4,319,000, which originally priced at C$3 million on Jan. 28 and was upsized to C$4 million on Feb. 9.
The company sold 21.6 million units of a common share and one warrant at C$0.20 each.
Each whole warrant will be exercisable at C$0.30 for one year. The strike price reflects a 76.47% premium to the Jan. 27 closing share price of C$0.17.
Proceeds will be used to advance the Deer Horn property and for general working capital.
The Delta, B.C., company explores for tellurium, gold, silver and tungsten.
| Issuer: | Deer Horn Metals Inc.
|
| Issue: | Units of a common share and one warrant
|
| Amount: | C$4,319,000
|
| Units: | 21,595,000
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 28
|
| Upsized: | Feb. 9
|
| Stock symbol: | TSX Venture: DHM
|
| Stock price: | C$0.20 at close Jan. 28
|
| Market capitalization: | C$11.87 million
|
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