Business
Desert Mountain Energy Closes $1.6 Million Private Placement Financing
(via TheNewswire) Vancouver, British Columbia - TheNewswire - February 28, 2020 ...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Closes $1.6 Million Private Placement Financing(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - February 28, 2020 -- DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSXV:DME) U.S. (OTC:DMEHF) (Frankfurt: QM01) is pleased to announce that it has closed its non-brokered private placement previously announced on December 17, 2019 (the \"Offering\"), raising gross proceeds of CAD $1,602,850.16. Under the terms of the Offering, the Company issued 7,285,682 Units (the \"Units\") at a price of CAD $0.22 per Unit. \n\n \n \nEach Unit consists of one common share of the Company (each, a \"Common Share\") and one-half of one share purchase warrant (each, a \"Warrant\"), with each whole Warrant allowing the subscriber to purchase one additional Common Share for a period of two years at a price of CAD $0.33. The expiry of the Warrants may be accelerated at the election of the Company by written notice if the closing price for the Common Shares on the TSX Venture Exchange shall be equal to or greater than CAD $0.60 for a minimum of ten consecutive trading days. Accordingly, the Company issued a total of 7,285,682 Common Shares in the Offering as well as 3,642,841 whole Warrants. \n\n \n \nThe Company plans to use the proceeds of the Offering for exploration and development of the Company's helium projects, including its upcoming drill program in Arizona and Oklahoma, as well as working capital and general corporate purposes.\n\n \n \nIn connection with the Offering, the Company paid aggregate finder's fees of $68,160.38 in cash and issued 309,729 non-transferable finder's Warrants, each of which is exercisable into one Common Share for a period of two years at a price of CAD $0.22 per Common Share. All securities issued in connection with the Offering will be subject to a customary 4-month hold period pursuant to applicable Canadian securities laws.\n\n \n \nAccording to Irwin Olian, CEO of the Company, \"We are very gratified with the strong investor response to the Offering and appreciate the support we have received from the investment community, particularly considering the difficult market environment at this time. We look forward to an exciting year in 2020 with drilling planned for priority targets on our two helium projects in Arizona and Oklahoma.\"\n\n \n \nAbout Desert Mountain Energy\n\n...