Desert Gold Provides Financing Update
For Immediate Release
TSX.V: DAU
Frankfurt: QXR2
OTCQB: DAUGF
Desert Gold Provides Financing Update
December 14, 2022 , Surrey British Columbia, Desert Gold Ventures Inc. (“Desert Gold” or “the
Company”) (TSX.V: DAU, F SE: QXR2, OTCQB: DAUGF) ) announces that, further to its press release
dated December 2, 2022, the Company has increased its Financing to raise up to CAD $4,000,000 through
the sale of 57,142,857 units at a price of CAD $0.07 per unit (the “Unit”) (the “Financing”). Each Unit will
consist of one common share in the equity of the Company and one common 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 t hree (3) years from the closing of the Financing.
At this time the Company has received subscription receipts for 32,717,184 units representing proceeds of
CAD $2,290,203.
Certain directors and/or officers of the Company are acquiring Units in the Financing totaling 8,128,571.
Such participation is considered to be a related party transaction as defined under Multilat eral 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.
Upon closing, the Company may pay a finder’s fee to qualified individuals in respect to the Financing.
Securities issued as a result of the Financing will be subject to a statutory hold period.
The proceeds of the Financing will be used primarily for drilling at the Company’s flagship Senegal Mali
Shear Zone Project (the “SMSZ Project”) in Western Mal i and for general working capital purposes.
Closing of the Financing is subject to final Toronto Venture Stock Exchange approval.
ON BEHALF OF THE BOARD
“Jared Scharf”
___________________________
Jared Scharf
President & CEO
ABOUT DESERT GOLD
Desert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 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: [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 th at 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, an d actual results may
differ materially fro m 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 minin g operations. Risks and uncertainties about the
Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory author ities 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 offer ed 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.