11:53:38 EDT Mon 14 Oct 2019
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Desert Mountain Energy Corp
Symbol C : DME
Shares Issued 35,205,051
Close 2019-01-14 C$ 0.23
Recent Sedar Documents

Desert Mountain, Seminole Oil property agreement

2019-01-14 20:12 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation related to an asset purchase agreement dated Feb. 13, 2018, as amended on Nov. 5, 2018, among the company, Desert Energy Corp., a wholly owned subsidiary of the company, and Seminole Oil Productions LLC (the vendor), an arm's-length private company. Pursuant to the terms of the agreement, the company acquired certain oil and gas interests comprising the Kight Gilcrease sand unit in Seminole county in Oklahoma for cash consideration of $180,000 (U.S.) ($90,000 (U.S.) payable on closing and $90,000 (U.S.) payable one year thereafter) and 1.44 million units of the company at a deemed price of 20 cents per unit, which units in aggregate consist of 1.44 million common shares of the company and 1.44 million common share purchase warrants. Each warrant will be exercisable for three years from the date of issuance to purchase one common share of the company at a price of 30 cents per share. The oil and gas interests to be acquired under the terms of the agreement will be subject to a 22-per-cent gross overriding carried royalty on hydrocarbon payable to various royalty holders (2 per cent of which is reserved by and payable directly to the vendor). The transaction does not involve any non-arm's-length parties.

Insider/pro group participation:  none

For further information, please refer to the company's press releases dated Feb. 19, 2018, Nov. 22, 2018, and Jan. 14, 2019.

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