Horizon Minerals Corp. (OTCBB:HZNM) signed a letter of intent to acquire Boomchat Inc. for $14.7 million from Clayton on March 15, 2014. Horizon Minerals Corp. (OTCBB:HZNM) entered into an agreement to acquire Boomchat Inc on April 6, 2015. Under the terms of the agreement, Horizon will pay $0.25 million in three instalments over the 60-day period from the date of the Definitive Agreement and issue 36 million shares. Upon conclusion of the transaction, Boomchat will become a wholly owned subsidiary of Horizon Minerals. Horizon will change its name to Boomchat after closing. Robert Fedun, Horizon Minerals's sole Executive Officer and Director, will resign as a Director of Horizon Minerals, and Robert Coleridge, will be appointed as Chief Executive Officer and as a Director of Horizon Minerals. The entry into a Definitive Agreement will be conditional upon satisfactory results of the due diligence that both Boomchat and Horizon Minerals agreed to complete by March 30, 2014. The transaction is also subject to regulatory and third party consents. As of March 30, 2015, the due diligence has not been completed and the deal is still pending. Under the terms of the Share Purchase Agreement, the Horizon will acquire the Boomchat in consideration for the issuance to Clayton of 40 million common shares of Horizon and payment to Boomchat of $0.5 million to complete development of the Boomchat mobile chat application. Following the closing, Horizon intends to change its name to Boomchat Inc. Horizon Minerals Corp. (OTCBB:HZNM) cancelled the acquisition of Boomchat Inc. from Clayton in the quarter ending, June 30, 2016.