Vancouver, British Columbia — DESERT MOUNTAIN ENERGY CORP. (the “Company”) (TSX.V: DME) is pleased to announce a non-brokered private placement offering to raise gross proceeds of up to CAD $1,500,000. Under the terms of the private placement, the Company will offer for sale up to 7,500,000 Units (the “Units”) at CAD $0.20 per Unit. The Company may, in its discretion, increase the size of this offering by up to 20% to a maximum of 9,000,000 Units.
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 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 private placement will be subject to a 4-month hold period. 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. 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.
Chairman & CEO
For more information, contact:
President and CEO
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.