TSX.V: DME
Frankfurt: QM01
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, March 31,
2023 /CNW/ - DESERT MOUNTAIN ENERGY CORP. (the
"Company") (TSXV: DME) (U.S.OTC: DMEHF) (FSE: QM01) From the
President of the Company. The Company is pleased
to announce that further to its news release on
March 24, 2023 announcing the closing
of its "best efforts" public offering of units
(the "Units") (the "Offering"), Beacon Securities Limited
(the "Agent") has fully exercised the remainder of its
over-allotment option (the "Over-Allotment Option") to sell an
additional 545,000 Units (the "Over-Allotment Units") of the
Company at a price per Over-Allotment Unit of C$1.95 (the "Issue Price") for gross proceeds of
$1,062,750 and aggregate gross
proceeds of $23,097,750 for the total
Offering.
Each Over-Allotment Unit is comprised of one common share of the
Company (each, a "Common Share") and one Common Share purchase
warrant (each, a "Warrant"). Each Warrant entitles the holder to
acquire one Common Share at an exercise price of C$2.70 per Common Share. The Warrant is
exercisable for a period of twenty four (24) months from the
March 24, 2023 closing of the
Offering (the "Closing Date"). If, at any time after the Closing
Date and prior to the expiry date of the Warrants, the volume
weighted average trading price of the Company's common shares on
the TSX Venture Exchange is greater than C$4.50 for a period of 10 consecutive trading
days, the Company may, within 10 business days of the occurrence of
such event, accelerate the expiry date of the Warrants by giving
notice (the "Warrant Acceleration Notice") to the holders of the
Warrants, and issuing a concurrent press release, and, in such
case, the expiry date of the Warrants shall be the date specified
by the Company in the Warrant Acceleration Notice, provided such
date shall not be less than 30 trading days following delivery of
the Warrant Acceleration Notice.
In connection with this closing of the Over-Allotment Option,
the Company paid to the Agent a cash fee of $63,765 and issued to the Agent 32,700
compensation options (the "Agent's Compensation Options"). Each
Agent's Compensation Option entitles the holder thereof to purchase
one Common Share at the Issue Price for a period of twenty four
(24) months from the Closing Date.
The Offering was made pursuant to a short form prospectus filed
in each of the provinces of Canada
with the exception of Québec. A copy of the short
form prospectus, which contains important information
relating to the Units, and other matters, is available on SEDAR at
www.sedar.com.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any U.S. state securities laws, and may not be offered or sold in
the "United States" or to "U.S.
persons" (as such terms are defined in Regulation S under the U.S.
Securities Act) absent registration under the U.S. Securities Act
and all applicable U.S. state securities laws, or in compliance
with an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale
would be unlawful.
ABOUT DESERT
MOUNTAIN ENERGY
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
"Robert Rohlfing"
Robert Rohlfing
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 Forward-Looking Statements
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, 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, including the ability of its facilities to
operate at capacity and to produce Helium in commercial
quantities.
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.