Desert Gold Ventures Inc. November 20, 2015 (“Desert Gold” or the “Company”) (TSX.V: DAU) announces that it has closed its non-brokered private placement announced September 10, 2015 and extended, as announced on October 26, 2015. The Company has raised $595,500 from the sale of 8,507,142 units at a price of $0.07 per unit (the “Units”) (“Financing”).
Each Unit consists of one common share in the equity of the Company and one share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.09 per share for a period of five years from Closing. Warrants are subject to a thirty (30) day acceleration in the event the Company's shares trade at a weighted average of $0.50 CAD or more for ten (10) consecutive trading days and the Company announces such accelerated exercise period.
The proceeds of the Financing will be used for working capital purposes. The Financing is subject to the TSXV approval.
ON BEHALF OF THE BOARD
Chief Executive Officer
(604) 357 4764
For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company s profile.
This news release contains forward-looking statements respecting the Company's ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.