Ashanti Gold Shareholders Approve Business Combination with Desert Gold
TSX VENTURE: DAU
Delta, British Columbia--(Newsfile Corp. - May 14, 2019) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTC PINK: DAUGF) ("Desert Gold" or "the Company") is pleased to announce that the previously disclosed business combination between Ashanti Gold and the Company was approved at yesterday's special meeting of Ashanti Gold shareholders.
ABOUT THE ASHANTI GOLD ACQUISITION
On April 1, 2019 the Company announced that it had entered into a definitive agreement to acquire Ashanti Gold Corp by way of a 3-cornered amalgamation ("the Combination Agreement"). Pursuant to the Combination Agreement, Desert Gold will acquire all of the issued and outstanding common shares of Ashanti on the basis of 0.2857 Desert Gold common shares for each Ashanti Share. The transaction is expected to close by the end of May 2019 and is subject to regulatory approvals and is conditional on Ashanti being granted a new exploration license over the Kossanto East exploration permit area in Western Mali.
ON BEHALF OF THE BOARD
President & Director
ABOUT DESERT GOLD
Desert Gold Ventures Inc. is a gold exploration and development company which holds 3 gold exploration permits in Western Mali (Farabantourou, Segala West and Djimbala) and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company's profile. Website: www.desertgold.ca
Jared Scharf, President and Director
Tel. No.: +1 (858) 247-8195
This news release contains forward-looking statements respecting the Company's ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.