Delta, British Columbia--(Newsfile Corp. - March 10, 2017) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC Pink: DAUGF) ("Desert Gold" or "the Company") Further to the press release dated November 22, 2016, the Company is pleased to announce that it has closed its private placement. The Company has sold 1,200,000 units at a price of $0.25 per unit, raising gross proceeds of $300,000.
Each unit consists of one common share in the equity of the Company and one common share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.30 per share for a period of five (5) years from closing, subject to a thirty (30) day accelerated expiry period, upon announcement by the Company that its shares have traded on a weighted average of $1.00 per common share, or more, for ten (10) consecutive trading days.
The proceeds of the Financing will be used for general working capital and development purposes at the Company's projects in Western Mali and Rwanda. There are no finder's fees or commissions related to this private placement. Securities issued resulting from this private placement will be subject to a statutory hold period. This private placement is subject to approval by TSX Venture Exchange.
