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Desert Gold Receives Subscription Receipts of CAD$6.83 Million from Its Non-Brokered Private Placement
Delta, British Columbia--(Newsfile Corp. - August 25, 2020) -  Desert Gold Ventures Inc....
About this update from Desert Gold Ventures Inc.
[{"type":"text","content":"Desert Gold Receives Subscription Receipts of CAD$6.83 Million from Its Non-Brokered Private PlacementDelta, British Columbia--(Newsfile Corp. - August 25, 2020) -  Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) (the \"Company\") is pleased to announce it has received subscription receipts of CAD$6,829,440 through the sale of 24,390,856 Units from its previously announced non-brokered private placement (the \"Financing). 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 the Financing and subject to exchange approval, the Company will pay finders' fees of CAD$87,458 and consulting fees of CAD$322,140. Securities issued as a result of this Financing will be subject to a statutory hold period.Certain directors and officers of the Company acquired 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 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.The net proceeds of the Financing will be used primarily for exploration related activities at the Company's flagship SMSZ Project in Western Mali and for general corporate purposes. The closing of the Financing is subject to final Toronto Venture Stock Exchange approval. On Behalf of the Board\"Jared Scharf\"___________________________Jared ScharfChief Executive Officer & DirectorAbout Desert GoldDesert 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.caContactJared Scharf, CEO...