Desert Gold Ventures Inc. announced that it has received CAD 0.50 million in funding.
On November 27, 2014, the company announced that it has amended the terms of the transaction. The company will now issue 10,000,000 units a price of CAD 0.05 per unit for gross proceeds of CAD 500,000. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at an exercise price of CAD 0.05 per share for a period of five years from the closing date. The closing price of the common shares on the TSX venture exchange is greater than CAD 0.50 for 30 consecutive trading days, the company may give notice to the holders of the warrants that the expiry time of the warrants has been accelerated and the warrants will expire on the 20th business day following the date of such notice. The securities issued are subject to a hold period of four months from the closing date.
On January 8, 2015, Desert Gold Ventures Inc. closed the transaction. The company issued 8,000,000 for gross proceeds of CAD 400,000 in the transaction.