00:39:46 EST Mon 24 Feb 2020
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Desert Mountain Energy Corp
Symbol DME
Shares Issued 31,756,517
Close 2018-11-02 C$ 0.23
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Desert Mountain closes private placement for $689,707

2018-11-02 16:26 ET - News Release

Mr. Irwin Olian reports


Desert Mountain Energy Corp. has closed its previously announced non-brokered private placement, which has raised gross proceeds of $689,707. Under the terms of the private placement, the company has issued 3,448,534 units at 20 cents per unit.

Each unit consists of one common share of the company and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the company at an exercise price of 30 cents until Nov. 2, 2020. The company paid cash finders' fees of $17,500, representing 2.5 per cent of the aggregate proceeds of the offering. The units are subject to a four-month hold period in Canada expiring March 3, 2019.

Proceeds from the private placement will be utilized for exploration and development of the company's projects, working capital and general corporate purposes.

According to chief executive officer Irwin Olian: "We are very gratified with the investor support we have received in connection with the current financing, particularly in view of the relatively weak conditions in the junior resource sector of late. Together with the $640,500 raise, which we closed on July 19, 2018, we have raised an aggregate of $1,330,207 this year. This provides us with the necessary funds to move forward aggressively with our exploration programs."

About Desert Mountain Energy Corp.

The company is an exploratory resource company engaged in exploration and development of helium, oil and gas, and mineral properties in the southwestern United States. Until Sept. 5, 2018, the company also owned the Yellowjacket gold project in Atlin, B.C., which it had been developing. The company has its executive offices in Vancouver, Canada. The company was incorporated under the laws of the Province of British Columbia, on April 30, 2008, and was formerly named African Queen Mines Ltd.

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