Desert Gold Announces Proposed Private Placement
Desert Gold Announces Proposed Private Placement
Delta, British Columbia--(Newsfile Corp. - September 11, 2017) - Desert Gold Ventures Inc.
(TSX
V: DAU)
(OTC Pink:
DAUGF)
(FSE: QXR2) ("
Desert
Gold
" or the "
Company
") announces that it intends to raise up to CAD$800,000 (the
"
Offering
") through a non-brokered private placement of up to 3,200,000 units at a price of CAD$0.25 per unit (the "
Unit
").
Each Unit will consist of one common share 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 CDN$0.30 per share for a period of five (5) years from
the closing of this Offering. Warrants will be subject to a thirty (30) day acceleration clause upon announcement by the Company
that its shares have traded on a volume weighted average basis of CDN$1.00 per common share, or more, for at least ten (10)
consecutive trading days.
The proceeds of the Offering will be used for drilling and fieldwork at the Company's projects in Western Mali and for general
working capital. There may be a finder's fee payable for the Offering. Securities issued as a result of the Offering will be subject
to a statutory hold period. The Offering is subject to TSX Venture Exchange approval.
Certain insiders of the Company may subscribe for Units of the Offering.
Any such participation would considered to be a related
party transaction as defined under Multilateral Instrument 61-101
Protection
of Minority Security Holders in Special
Transactions
("
MI 61-101
") by virtue of their respective shareholdings being in excess of 10% of the Company's share capital.
The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as 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.
ON B
EHALF OF THE BOARD
"Jared Scharf
"
Jared Scharf, President and Director
Desert Gold Ventures Inc.
+1 (858) 247-8195
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 adequa
cy 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.