Tuesday, September 29, 2008
TSX Venture Symbol: DAU
Corporate Update
Vancouver, B.C. -- Desert Gold Ventures Inc. ("Desert Gold" or the "Company") is pleased to announce that it has arranged a non-brokered private placement (the “Offering”) to raise up to $1,400,000 by the issuance of up to 2,333,333 units (“Units”) priced at $0.60 per Unit. Each Unit will consist of one common share and one transferable common share purchase warrant, each such purchase warrant will be exercisable into one additional common share of the Company for a period of two years from closing of the Offering at an exercise price of $1.50 per common share.
Desert Gold will pay a Finder’s fee equal to 7% of the gross proceeds raised by the Finder, payable in cash.
The Company anticipates that there may be insider participation in the above private placement, for which the Finder will not receive a commission.
The gross proceeds raised from the issuance of the Units will be used for general corporate expenditures, and for the exploration and on-going development of the Company’s Goldbanks Property, located 35 miles south of Winnemucca, Pershing County, Nevada.
The above private placement is subject to all regulatory and board approvals.
On Behalf of the Board of Directors,
"Eugene Beukman"
Eugene Beukman, President
For further information on Desert Gold Ventures Inc. please visit our website at:
www.desertgold.ca
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
|
|
