Deer Horn Metals Inc.(TSXV:DHM) announced that it has cancelled its Memorandum of Understanding with World Industrial Minerals. The Company also announced a new non-brokered private placement for gross proceeds of up to $700,000.
As quoted in the press release:
Deer Horn Metals Inc. is also pleased to announce that it has increased its previously announced non-brokered Private Placement. The new units will consist of up to 7,000,000 units of the Corporation (the “Units”) at a price of $0.10 per Unit for gross proceeds of up to $700,000. Each Unit shall consist of one Common Share and one share purchase warrant (the “Warrant”), Each Warrant entitles the holder thereof to purchase one additional common share (the “Warrant Shares”) of the Company at a price from the date of issuance at $0.14 cents per share during the first year and at a price of $0.17 per share in the second year. The proceeds of the financing will be used for general working capital.