News & Articles >DESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT
News & Articles

July 23, 2018

DESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT

Vancouver, British Columbia — DESERT MOUNTAIN ENERGY CORP. (the “Company”) (TSX.V: DME) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement which has raised gross proceeds of CAD $640,500. Under the terms of the private placement, the Company has issued 3,202,500 Units (the “Units”) at CAD $0.20 per Unit.

Each Unit consists of one common share of the Company and one-half of one share purchase warrant (the “Warrants”). Each whole Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of CAD $0.30 until July 19, 2020. The Company paid cash finders’ fees of CAD $19,740 representing 3.1% of the aggregate proceeds of the offering. The Units are subject to a 4-month hold period in Canada expiring November 20, 2018.

The Company expects to close the final tranche of this private placement within 30 days. Proceeds from the private placement will be utilized for exploration and development of the Company’s projects, working capital, and general corporate purposes.

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. In addition, the Company owns the Yellowjacket Gold Project in Atlin, British Columbia, which it has recently 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
E-mail: tigertail@desertmountainenergy.com
Phone: (604) 899-0100
Fax: (604) 899-0200

Carrie Howes
Corporate Communications
Email: carrie@desertmountainenergy.com
Phone:
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
 


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.

 

Press Release Archive
08/07/18 - DESERT MOUNTAIN ENERGY ENTERS INTO AGREEMENT TO SELL ITS YELLOWJACKET GOLD PROJECT AND ATLIN, B.C. PROPERTIES TO BRIXTON METALS  08/02/18 - SOREN CHRISTIANSEN JOINS DESERT MOUNTAIN ENERGY BOARD OF DIRECTORS 07/30/18 - ARDITO MARTOHARDJONO RESIGNS AS A DIRECTOR OF DESERT MOUNTAIN ENERGY 07/23/18 - DESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT 06/10/18 - DESERT MOUNTAIN ENERGY ACQUIRES FURTHER TRANCHE OF 12,228 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA’S HOLBROOK BASIN  06/07/18 - DESERT MOUNTAIN ENERGY ANNOUNCES PRIVATE PLACEMENT 05/29/18 - DESERT MOUNTAIN ENERGY ACQUIRES ADDITIONAL 12,219 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA'S HOLBROOK BASIN, INCLUDING ZONE WITH ORIGINAL DISCOVERY WELL 05/08/18 - DESERT MOUNTAIN ENERGY SELLS ITS PLACER MINING INTERESTS AT ATLIN, B.C. 04/18/18 - GREG NOWAK JOINS DESERT MOUNTAIN ENERGY'S TECHNICAL TEAM 04/09/18 - AFRICAN QUEEN NAME CHANGE TO DESERT MOUNTAIN, ROLLBACK 02/27/18 - AFRICAN QUEEN MINES ACQUIRES KEY HELIUM LEASES IN ARIZONA’S PROLIFIC HOLBROOK BASIN 02/19/18 - AFRICAN QUEEN MINES SIGNS AGREEMENT FOR ACQUISITION OF THE KIGHT GILCREASE SAND UNIT OIL & GAS PROJECT IN OKLAHOMA 01/31/18 - AFRICAN QUEEN MINES EMBARKS ON DIVERSIFICATION PROGRAM WITH ESTABLISHMENT OF NEW U.S. OPERATIONS 11/13/17 - AFRICAN QUEEN MINES REPORTS RESULTS FROM ITS DRILLING PROGRAM AT GOLD RUN PROSPECT IN ATLIN, BC 09/18/17 - AFRICAN QUEEN MINES COMMENCES DIAMOND DRILLING AT GOLD RUN PROSPECT AT ITS YELLOWJACKET GOLD PROJECT 09/08/17 - AFRICAN QUEEN MINES TARGETS GOLD RUN PROSPECT FOR DRILLING AT YELLOWJACKET GOLD PROJECT
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Contact Information For investment information please contact our investor relations group.

Marketing Director - Canada
Lee Dunston
(604) 788-0300
lee@desertmountainenergy.com

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427
carrie@desertmountainenergy.com

 
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