Desert Gold Announces Non-Brokered Private Placement and CAD $910,000 in Lead Orders
Desert Gold Announces Non-Brokered Private
Placement and CAD $910,000 in Lead Orders
Surrey, British Columbia--(Newsfile Corp. - April 23, 2024) -
Desert Gold Ventures Inc.
(TSXV: DAU)
(FSE: QXR2) (OTCQB: DAUGF) ("Desert Gold" or "the Company") announces that, subject to exchange
approval and the right to increase the offering, it will conduct a non-brokered private placement of up to
13,000,000 units at a price of CAD $0.07 per unit (the "Unit") to raise up to CAD $910,000 (the
"Financing"). Lead orders from this round of funding combined with its recently closed financing (see
Company press release dated March 26, 2024) have secured a total of CAD $2,029,520 in aggregate
proceeds for the Company in the last 30 days.
Each Unit will consist of one common share in the equity of the Company and a share purchase warrant
(the "Warrant").
Each Warrant entitles the holder to purchase one additional common share of the
Company at a price of CAD $0.08 per common share for a period of three (3) years from the closing of
the Financing.
The Company may pay a finder's fee to qualified individuals in respect to the Financing.
Securities issued from the Financing will be subject to a statutory hold period.
The Company intends to close the initial CAD $910,000 in lead orders upon exchange approval. Due to
additional interest in the Financing, the Company may upsize and extend the close of its offering in the
coming days.
The proceeds of the Financing will be used primarily to complete additional reverse circulation and air
core drilling over the Mogoyafara South Deposit and the southeast extension of the Barani East Deposit.
Drilling will also be completed over four nearby exploration target areas; Frikidi, Soa/Soa South, Kolon
and Keniebandi. Holes drilled over the Mogoyafara South deposit (12.29 million tonnes containing
412,800 ounces of gold*) will focus on testing the extension of known gold zones and validation of the
resource wire frame modes. Air core holes planned over the southeast extension of the Barani East
Deposit will test the continuity of the oxide gold zones, which will in turn, support the Company's ongoing
PEA**. Holes drilled over the exploration target areas will follow up on previously released drill intercepts
(to 2.04 g/t Au over 30m at Soa***) and select gold-in-auger anomalies (See
Figure 1
at the end of this
release for zone locations).
Should any directors and officers of the Company acquire Units under the Financing such participation is
a related party transaction as defined under Multilateral Instrument 61-101
Protection of Minority
Security Holders in Special Transactions
("
MI 61-101
"). The transaction will be exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101 if neither the fair market value of
any securities issued to or the consideration paid by such persons will exceed 25% of the Company's
market capitalization.
This press release contains certain scientific and technical information. The Company is solely
responsible for the contents and accuracy of any scientific and technical information related to it. Don
Dudek, P.Geo. a director of Desert Gold and a Qualified Person under National Instrument 43-101, has
reviewed and approved the scientific and technical information contained in this press release.
On Behalf of The Board
"Jared Scharf"
___________________________
Jared Scharf
President & CEO
* Desert Gold news release Jan 17, 2022
** Desert Gold news release Feb 24, 2020
*** Desert Gold news release Feb 1, 2024, Intercept true width unknown
About Desert Gold Ventures Inc.
Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km
2
SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million
tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million
tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit
www.SEDAR.com
under the company's profile. Website:
www.desertgold.ca
Contact
Jared Scharf, President & CEO
Email:
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.
Figure 1.
Planview of SMSZ Project with gold zone locations and select highlighted drill intercepts.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4954/206606_e77ffc28249898cd_001full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/206606