Business
Desert Gold Provides Financing Update
Surrey, British Columbia--(Newsfile Corp. - December 14, 2022) - Desert Gold Ventures Inc. (TSX...
About this update from Desert Gold Ventures Inc.
[{"type":"text","content":"Desert Gold Provides Financing UpdateSurrey, British Columbia--(Newsfile Corp. - December 14, 2022) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) (\"Desert Gold\" or \"the Company\") announces that, further to its press release dated December 2, 2022, the Company has increased its Financing to raise up to CAD $4,000,000 through the sale of 57,142,857 units at a price of CAD $0.07 per unit (the \"Unit\") (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 $0.08 per common share for a period of three (3) years from the closing of the Financing. At this time the Company has received subscription receipts for 32,717,184 units representing proceeds of CAD $2,290,203.Certain directors and/or officers of the Company are acquiring Units in the Financing totaling 8,128,571. 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.Upon closing, the Company may pay a finder's fee to qualified individuals in respect to the Financing. 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. Closing of the Financing is subject to final Toronto Venture Stock Exchange approval.ON BEHALF OF THE BOARD\"Jared Scharf\"___________________________Jared ScharfPresident & CEOABOUT DESERT GOLDDesert 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 tonne...