Business
Desert Mountain Energy Closes $640,500 First Tranche of Private Placement
(via TheNewswire) TSX.V: DME Frankfurt: QM01 July 20, 2018 FOR IMMEDIATE R...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Closes $640,500 First Tranche of Private Placement(via TheNewswire)\n \n \nTSX.V: DME\n\n \n \nFrankfurt: QM01\n\n \n \nJuly 20, 2018\n\n \n \nFOR IMMEDIATE RELEASE\n\n \n \nDESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT\n\n \n \nVancouver, British Columbia / TheNewswire / -- DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSX.V: DME) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $640,500. Under the terms of the private placement, the Company has issued 3,202,500 Units (the \"Units\") at CAD $0.20 per Unit. \n\n \n \nEach Unit consists of one common share of the Company and one-half of one share purchase warrant (the \"Warrants\"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.30 until July 19, 2020. The Company paid cash finders' fees of CAD $19,740 representing 3.1% of the aggregate proceeds of the offering. The Units are subject to a 4-month hold period in Canada expiring November 20, 2018. \n\n \n \nThe Company expects to close the final tranche of this private placement within 30 days. Proceeds from the private placement will be utilized for exploration and development of the Company's projects, working capital, and general corporate purposes.\n\n \n \nAbout Desert Mountain Energy\n\n \n \nThe Company is an exploratory resource company engaged in exploration and development of helium, oil & gas and mineral properties in the Southwestern United States. In addition, the Company owns the Yellowjacket Gold Project in Atlin, British Columbia, which it has recently been developing. The Company has its executive offices in Vancouver, Canada. \n\n\n \nThe Company was incorporated under the laws of the Province of British Columbia, on April 30, 2008, and was formerly named African Queen Mines Ltd. It initially received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd. \n\n \n \nON BEHALF OF THE BOARD OF DIRECTORS OF\nDESERT MOUNTAIN ENERGY CORP.\n\n\n \n\"Irwin Olian\" \nIrwin Olian\nChairman & CEO\n\n\n \nFor more information, contact:\n\n\n \nIrwin Olian, President and CEO\n\n\n \nE-mail: tigertail@...