Desert GOLD Closes Non-Brokered Private Placement
For Immediate Release
TSX.V: DAU
Frankfurt: QXR2
OTCQB: DAUGF
DESERT GOLD CLOSES NON-BROKERED PRIVATE PLACEMENT
Surrey, British Columbia, January 30, 2023. Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU,
FSE: QXR2, OTCQB: DAUGF) is pleased to announce that, subject to stock exchange approval, it has closed
its non-brokered private placement, selling 33,242,184 units at a price of CAD $0.07 per unit (the “Unit”) raising
gross proceeds of CAD $2,326,952 (the “Financing”). Securities issued as a result of closing are subject to a
statutory hold which expires on April 24, ,2023. In connection with the closing the Company paid finder’s fees
of CAD $28,770 and issued 161,000 non-transferable brokers warrants.
Pursuant to the terms of the Financing, each Unit consists of one common share in the equity of the Company
and one full share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one additional
common share of the Company at a price of CAD $0.08 per share for a period of three (3) years from closing.
Proceeds from the Financing will be used primarily for drilling at the Company’s flagship Senegal Mali Shear
Zone Project (the “SMSZ Project”) in Western Mali and for general working capital purposes.
Directors and officers of the Company have acquired 8,128,571 Units in the Financing and 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 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 Behalf of the Board
“Jared Scharf”
___________________________
Jared Scharf
President & CEO
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 and Director
Email: [email protected]
+1 (858) 247-8195
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 inab ility 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 s ervices 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.