Desert GOLD Receives Final TSXV Approval to Close Oversubscribed Financing
4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
For Immediate Release
TSX.V: DAU
Frankfurt: QXR2
OTC: DAUGF
DESERT GOLD RECEIVES FINAL TSXV APPROVAL TO CLOSE OVERSUBSCRIBED
FINANCING
Delta, British Columbia, May 7, 2020 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC:
DAUGF) is pleased to announce that it has received final TSXV approval to close its previously announced CAD $500,000
non-brokered private placement (the “Financing ) The Company raised CAD $1,283,0 00 through the sale of 16,037,500
Units. Securities issued as a result of closing of the Financing will be subject to a statutory hold period of four months
from closing.
Pursuant to the terms of the Financing, each Unit was priced at CAD $0.08 and consists of one common share in the equity
of the Company and one -half common share purchase warrant (a “Warrant”). Each full Warrant entitles the holder to
purchase one additional common share of the Company at a price of $0.15 per share for a period of t hree (3) years from
the closing of the Financing. In connection with closing, the Company will pay finders’ fees of CAD $47,390 and issue
592,375 non-transferable brokers warrants (a “Broker Warrant”). Each Broker Warrant entitles the holder to purchase one
common share of the Company at a price of $0.15 for a period of three (3) years.
Certain d irectors of the Desert Gold have participated in th e F inancing and are considered “related parties” to the
Company under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI
61-101”).
The Financing is 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 those directors will exceed 25% of
the Company’s market capitalization.
The proceeds of the Financing will be used for drilling and other exploration related activities at the Company’s Senegal
Mali Shear Zone Project in Western Mali (“SMSZ Project”) and for general corporate purposes.
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 holds 2 gold exploration permit s in
Western Mali (SMSZ Project and Djimbala) and its Rutare gold project in central Rwanda. For further information please
visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca
Contact
Jared Scharf, President and CEO
4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
Email: [email protected]
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 c ontained 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 uncertain ties 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.