Friday, October 31, 2008
TSX Venture Symbol: DAU
CONVERTIBLE DEBT FINANCING
Vancouver, B.C. -- Desert Gold Ventures Inc. ("Desert Gold" or the "Company") wishes to announce that it has arranged, subject to regulatory approval, two convertible unsecured debenture financings, the first in the principal amount of Cdn$500,000 and the second in the principal amount of US$400,000. Interest pursuant to the convertible debentures is payable at a rate of 10% per annum. The convertible debentures mature on April 30, 2009 and are convertible, at the lenders’ option, into units of the Company at a per unit price of Cdn$0.50, each unit comprising one common share of the Company and one share purchase warrant. Each share purchase warrant allows the holder to purchase one common share in the capital of the Company for Cdn$0.60 per share for a period of 6 months from the date of conversion. Proceeds from the financing will be used by the Company to complete its exploration program on the Goldbanks Property in Nevada and for general corporate purposes.
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
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