Business
Desert Mountain Energy Closes $9,125,000 Private Placement
(TheNewswire) October 02, 2020 - TheNewswire - Vancouver, British Columbi...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Closes $9,125,000 Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n October 02, 2020 - TheNewswire -\n \n \n Vancouver, British\nColumbia\n \n -\n \n DESERT MOUNTAIN\nENERGY CORP. (the \"Company\") (TSX\n \n \n V:\n \n \n DME\n \n \n ) (\n \n \n OTC:\n \n \n DMEHF\n \n \n )\n \n \n (\n \n \n Frankfurt: QM01)\n \n \n is pleased to announce that\nit has closed it's non-brokered private placement previously announced\non 09/11/20 (the \"\n \n \n Offering\n \n \n \"), raising gross proceeds of CAD\n$9,124,899. Under the Offering the Company issued 5,703,062 units\n(the\n \n \n Units\n \n \n \") at a price of CAD $1.60 per Unit. Each Unit is\ncomprised on one common share and one share purchase warrant (each, a\n\"\n \n \n Warrant\n \n \n \"), with each whole Warrant allowing the subscriber to\npurchase one additional Common Share for a period of two years at a\nprice of CAD $2.00. The expiry of the Warrants may be accelerated at\nthe sole discretion of the Company by written notice if the closing\nprice for the Common Share on the TSX Venture Exchange shall be equal\nto or greater than CAD $3.50 for a minimum of ten (10) consecutive\ntrading days. Accordingly, the Company issued at total of 5,703,062\nCommon Shares in the Offering as well as 5,703,062 whole Warrants.\n \n \n \n \n The Company plans to use the proceeds for exploration,\nand development of the Company's helium processing facilities,\nrequired power generation facilities, working capital and general\ncorporate expenses.\n \n \n \n \n In connection with the Offering, the Company paid an\naggregate finders fees of (five) 5% percent in cash and or equivalent\nin units, along with 3% in finder warrants, exercisable at a price of\n$2.00 per share for a period of two years from closing, on a portion\nof the Offering. All securities issued in connection with the\nOffering will be subject to a customary 4-month hold pursuant to\napplicable Canadian Securities Laws.\n \n \n \n \n This private placement contains related party\ntransactions. These transactions are exempt from the valuation and\nshareholder exemption requirements of Multilateral Instrument 61-101\npursuant to, in addition to other sections, ss.5.5(a) and 5.7(1)(a)\nrespectively of that instrument. A material change report was not\nfiled prior to Closing of this placement due ...