Business
Desert Gold Closes Second and Final Tranche of Oversubscribed Private Placement
Desert Gold Closes Second and Final Tranche of Oversubscribed Private Placement Ca...
About this update from Desert Gold Ventures Inc.
[{"type":"text","content":"\n\n\n\nDesert Gold Closes Second and Final Tranche of Oversubscribed Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nDELTA, BC, Oct. 11, 2017\n\n\n\nDELTA, BC, Oct. 11, 2017 /CNW/ - DESERT GOLD VENTURES INC. (\"Desert Gold\" or the \"Company\") (TSX.V: DAU /FF: QXR2 /OTC: DAUGF) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement (the \"Final Tranche\") raising aggregate gross proceeds of $340,000 through the issuance of 1,360,000 units (each a \"Unit\").  Each Unit consists of one common share and one share purchase warrant (the \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN$0.30 per share for a period of five (5) years from the closing of this Private Placement. Warrants will be subject to a thirty (30) day acceleration clause upon announcement by the Company that its shares have traded on a volume weighted average basis of CDN$1.00 per common share, or more, for at least ten (10) consecutive trading days.\n\nIn the first tranche, the Company issued 2,000,000 common shares for gross proceeds of CDN$500,000, which together with the Final Tranche raised total gross proceeds of CDN$840,000. The private placement was oversubscribed by CDN$40,000.\n\nCertain directors and officers of the Company acquired Units under the Private Placement. 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 as 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.\n\nIn connection with closing the Final Tranche, the Company paid finder's fee consisting of a cash fee of $7,525 and 30,100 non-transferable brokers warrants.  The brokers' warrant...