U.S. OTC: DMEHF
VANCOUVER, BC, Sept. 13,
2022 /CNW/ - DESERT MOUNTAIN ENERGY CORP. (the
"Company") (TSX.V: DME) (OTC: DMEHF) (Frankfurt: QM01) is pleased
to announce that it has closed its non-brokered private placement
previously announced on September 1,
2022 (the "Offering"), raising gross proceeds of CAD
$6,090,400. The Company issued
2,342,461 units (the "Units") at a price of CAD $2.60 per Unit. Each Unit is made up of one
common share of the Company and one share purchase warrant, with
each whole warrant allowing the subscriber to purchase one
additional common share for a period of three years at a price of
CAD $3.50 per share. The expiry of
the warrants may be accelerated by the Company if the closing price
for the common shares shall be equal to or greater than CAD
$7.00 for a minimum of ten (10)
consecutive trading days. In connection with the Offering, the
Company paid aggregate finders fees of $128,128 in cash, 119,477 Finder units and 45,280
The Company plans to use the proceeds for exploration, and
development of the Company's helium processing facilities, working
capital and general corporate expenses.
All securities issued in connection with the Offering will be
subject to a 4-month plus one day hold expiring January 14, 2022. Any securities referred to
herein will not nor has been offered nor registered under the U.S.
Securities act of 1933 (The "1933 ACT") and may not be offered or
sold in the United States or to a
person in the absence of such registration or an exemption from the
registration requirements of the 1933 ACT.
ABOUT DESERT MOUNTAIN
Desert Mountain Energy Corp. is a publicly traded resource
company primarily focused on exploration, development and
production of helium, hydrogen and noble gases. The Company is
primarily looking for elements deemed critical to the renewable
energy and high technology industries.
We seek safe harbor
Exec Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in polices of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. 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.
Cautionary Note Regarding
This news release contains "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and "forward-looking information"
within the meaning of applicable Canadian securities legislation.
Such forward looking statements and information herein include but
are not limited to statements regarding the Company's anticipated
performance in the future the planned exploration activities,
receipt of positive results from drilling, the completion of
further drilling and exploration work, and the timing and results
of various activities.
Forward-looking statements or information involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company and its operations to be materially different from
those expressed or implied by such statements. Such factors
include, among others, changes in national and local governments,
legislation, taxation, controls, regulations and political or
economic developments in Canada
and the United States; financial
risks due to helium prices, operating or technical difficulties in
exploration and development activities; risks and hazards and the
speculative nature of resource exploration and related development;
risks in obtaining necessary licenses and permits, and challenges
to the Company's title to properties.
Forward-looking statements are based on assumptions
management believes to be reasonable, including but not limited to
the continued operation of the Company's exploration operations, no
material adverse change in the market price of commodities, and
such other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements or information, there may be other
factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information. The Company does not
intend to, and nor does not assume any obligation to update such
forward-looking statements or information, other than as required
by applicable law.
SOURCE Desert Mountain Energy Corp.