OTCWagon Initiates coverage on Canadian Junior Resource Company: Desert Mountain Energy Corp

eTradeWire News/10561629
VANCOUVER, British Columbia - eTradeWire -- Desert Mountain Energy (DME) is an exploratory resource company engaged in exploration and development of helium properties in the Southwestern United States. They are focusing on their flagship Heliopolis project in Arizona's prolific Holbrook Basin. The Holbrook Basin has been the site of North America's highest grade Helium production (8-10%) in large quantities with historic production of over 9.3 Bcf of helium gas.

DME recently announced they raised $1.6 million in a private placement financing. The press release follows:

DESERT MOUNTAIN ENERGY CORP. is pleased to announce that it has closed its non-brokered private placement previously announced on December 17, 2019 (the "Offering"), raising gross proceeds of CAD $1, 602,850.16. Under the terms of the Offering, the Company issued 7,285,682 Units (the "Units") at a price of CAD $0.22 per Unit.

More on eTradeWire News
Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one share purchase warrant (each, a "Warrant"), with each whole Warrant allowing the subscriber to purchase one additional Common Share for a period of two years at a price of CAD $0.33.  The expiry of the Warrants may be accelerated at the election of the Company by written notice if the closing price for the Common Shares on the TSX Venture Exchange shall be equal to or greater than CAD $0.60 for a minimum of ten consecutive trading days.  Accordingly, the Company issued a total of 7,285,682 Common Shares in the Offering as well as 3,642,841 whole Warrants.

The Company plans to use the proceeds of the Offering for exploration and development of the Company's helium projects, including its upcoming drill program in Arizona and Oklahoma, as well as working capital and general corporate purposes.

More on eTradeWire News
To view the full press release click here (https://desertmountainenergy.com/desert-mountain-energy-closes-1-6-million-private-placement-financing/)

OTCWagon see all the signs of an OUTSTANDING OPPORTUNITY! Desert Mountain Energy (DME), is a successful, extremely under-valued company, cashed up, with no debt. Their exceptional management team and experienced technical team have a wealth of industry knowledge and a world-class project involving the world's hottest commodity… Helium!

We are looking forward to great success in the company's upcoming drill program and expect to see the stock price advance dramatically in response to positive drill results in the coming months. Our initial target price is $0.50-0.60 in the next six months.

John - IT Staff

Source: OTCWagon
Show All News | Report Violation

1000 characters max.