Desert Gold Receives CAD $1,258,286 in Proceeds from Warrant Incentive Program
Desert Gold Receives CAD $1,258,286 in
Proceeds from Warrant Incentive Program
Surrey, British Columbia--(Newsfile Corp. - November 19, 2024) - Desert Gold Ventures Inc. (TSXV:
DAU) (FSE: QXR2) (OTCQB: DAUGF) (the "Company") is pleased to announce the closing of its
previously announced (September 6, 2024 and October 9, 2024) warrant exercise incentive program
(the "Program"). The Program was intended to encourage the exercise of up to 28,438,688 unlisted
common share purchase warrants of the Company (the "Eligible Warrants") which were issued as part of
the Company's private placement which closed on December 21, 2022. Each Eligible Warrant is
exercisable for one common share of the Company (each a "Common Share") at a price of $0.08 per
Common Share.
Pursuant to the Program, the holders 15,728,571 Eligible Warrants for proceeds of CAD $1,258,286
which will be used for the development of its flagship SMSZ Gold Project in West Mali and for general
working capital purposes. Participating holders were issued 15,728,571 additional common share
purchase warrant (an "Incentive Warrant"). Each Incentive Warrant entitles the holder to purchase one
additional Common Share for a period of three (3) years from the date of issuance. Each Incentive
Warrant is exercisable at $0.08, subject to the right of the Company to accelerate expiry upon 30 days'
notice if the shares of the Corporation trade on the TSX Venture Exchange at or above $0.20 for a
period of ten (10) consecutive trading days.
The Incentive Warrants and any Common Shares issuable on the exercise thereof are subject to a four-
month hold period from the date of issuance of the Incentive Warrants pursuant to applicable Canadian
securities laws.
The Company has relied on the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such
insider participation.
The Program is subject to final approval from the TSX Venture Exchange (the "Exchange"). The number
of Eligible Warrants exercised in the Program by insiders of the Company was 5.02% of the total
Eligible Warrants.
On Behalf of the Board
"Jared Scharf"
___________________________
Jared Scharf
President & Director
About Desert Gold
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 and CEO
Email:
Tel. No.: +1 (858) 247-8195
This news release contains forward-looking statements. 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. These uncertainties and risks include, but are not limited to, the strength of the
capital markets, the price of gold; operational, funding, liquidity risks, the degree to which Mineral
Resource estimates are reflective of actual Mineral Resources, the degree to which factors which
would make a mineral deposit commercially viable, and 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.
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https://www.newsfilecorp.com/release/230458