Surrey, British Columbia--(Newsfile Corp. - April 6, 2022) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) ("Desert Gold" or "the Company") announces that, subject to exchange approval, it will conduct a non-brokered private placement of 9,583,333 units at a price of CAD $0.12 per unit (the "Unit") to raise up to CAD $1,150,000 (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 $0.18 per common share for a period of two (2) years from the closing of the Financing.
The Company may pay a finder's fee to qualified individuals in respect to the Financing on the proceeds of the Units found. 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 Mali and for general working capital purposes.
Should any directors and officers of the Company acquire Units under the Financing such participation is 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"). 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.
ON BEHALF OF THE BOARD
"Jared Scharf"
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Jared Scharf
President & CEO
ABOUT DESERT GOLD
Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits 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 & CEO
Email: jared.scharf@desertgold.ca