Vancouver, B.C., December 16, 2013: Desert Star Resources Ltd. (TSX-V: DSR) (“Desert Star” or the “Company“) is pleased to announce that it will conduct a non-brokered private placement (the “Private Placement“) of up to 5,555,556 units (“Units“) of the Company at a price per Unit of $0.18 for aggregate proceeds of up to $1,000,000. Each Unit will consist of one common share in the capital of the Company and one transferable share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.25 for 18 months from the closing of the offering.
The Company may pay a finder’s fee to one or more arms’ length parties on all or a portion of the Private Placement in accordance with the policies of the TSX Venture Exchange. In accordance with applicable securities legislation, all Units, common shares and warrants issued pursuant to the Private Placement will be subject to a hold period of four months and a day from the date the financing closes. The proceeds of the Private Placement will be used by the Company for general corporate purposes. The Private Placement is subject to the receipt of all necessary regulatory approvals.
About Desert Star Resources
Desert Star is a Vancouver-based mineral exploration company focused on the identification, acquisition and development of copper and gold projects located in top-tier mineral belts in the southwestern United States that contain significant historical production, existing mining infrastructure and an established mining culture.
President and CEO, Desert Star Resources
For further information regarding Desert Star, please email firstname.lastname@example.org or visit our website atwww.desertstar.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Desert Star 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 realities may differ materially from those in forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results, including the closing of the financing and receipt of any proceeds pursuant thereto. Forward-looking statements are based on the beliefs, estimates and opinions of Desert Star’s management on the date the statements are made. Except as required by law, Desert Star undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.