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 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
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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