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Desert Gold Receives Final TSXV Approval to Close $6.8 Million Over-Subscribed Financing
Delta, British Columbia--(Newsfile Corp. - September 1, 2020) - Desert Gold Ventures Inc. (T...
About this update from Desert Gold Ventures Inc.
[{"type":"text","content":"Desert Gold Receives Final TSXV Approval to Close $6.8 Million Over-Subscribed FinancingDelta, British Columbia--(Newsfile Corp. - September 1, 2020) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) (the \"Company\") is pleased to announce that it has received final TSXV approval to close its previously announced CAD $6,500,000 non-brokered private placement (the \"Financing). The Company raised CAD $6,829,440 through the sale of 24,390,856 Units. Securities issued in relation to Financing will be subject to a statutory four month hold period. Desert Gold's CEO Jared Scharf commented, \"The proceeds from this financing not only provides the Company with the ability to complete approximately 20,000 metres of drilling during the upcoming exploration season but also gives us the financial flexibility to follow-up on good results in real time and materially expand this program if it makes sense.\" Pursuant to the terms of the Financing, each Unit was priced at CAD $0.28 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 $0.40 per share for a period of three (3) years from the closing of the Financing. In connection with closing, the Company will pay finders' and consulting fees of CAD $409,598.Certain directors of the Desert Gold have participated in the Financing 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 exploration related activities with a focus on 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 ScharfPresident & DirectorAbout Desert GoldDesert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in West...