Tickers: XTSX:DME, PINX:AFQMF
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October 10, 2018 / TheNewswire / Vancouver, British Columbia -- DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSX.V: DME) is pleased to announce that it has arranged a non-brokered private placement of up to CAD $859,500. This financing constitutes the second tranche of the CAD $1,500,000 private placement previously announced on June 7, 2018, of which the first tranche closed on July 19, 2018, raising CAD $640,500. Under the terms of the second tranche of the private placement, the Company will offer for sale up to 4,297,500 Units (the "Units") at CAD $0.20 per Unit. The Company anticipates the second tranche of the private placement will close by October 26, 2018. In its discretion, the Company may increase the size of the offering by up to 20% to a maximum of 9,000,000 Units in aggregate for the entire private placement.
Each Unit will consist of one Common Share of the Company and one-half of one share purchase warrant (the "Warrants"), where each whole Warrant will allow the subscriber to purchase one additional Common Share of the Company for a period of two years from the date of closing. The exercise price shall be CAD $0.30 per Share. Proceeds from the second tranche of the private placement will be utilized for exploration and development of the Company's projects, working capital, and general corporate purposes.
The Company may, in its discretion, pay a cash finder's fee of up to 7% of the total gross proceeds of the offering where applicable.
The Units issued upon the closing of the second tranche of the private placement will be subject to a 4-month hold period. The second tranche of the private placement is subject to the approval of the TSX Venture Exchange.
About Desert Mountain Energy
The Company is an exploratory resource company engaged in exploration and development of helium, oil & gas and mineral properties in the Southwestern United States. Until September 5, 2018, the Company also owned the Yellowjacket Gold Project in Atlin, British Columbia, 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. It initially received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS OF
DESERT MOUNTAIN ENERGY CORP.
"Irwin Olian"
Irwin Olian
Chairman & CEO
For more information, contact:
Irwin Olian, President and CEO: tigertail@desertmountainenergy.com Phone: (604) 788-0300 | Carrie Howes, Corporate Communications Email: carrie@desertmountainenergy.com Phone : U.K. - +44 (0) 870 490 5443 Canada - +1 416 900 3634 |
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
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