VANCOUVER, B.C. – May 1, 2017 – Desert Star Resources Ltd. (“Desert Star” or the “Company”) is pleased to announce the closing of its non-brokered private placement (the “Private Placement”) of 2,500,000 units (“Units”) at a price of $0.20 per Unit for gross proceeds of $500,000.
Each Unit consists of one common share and one transferable share purchase warrant exercisable to acquire one common share for a period of 24 months at a price of $0.25 per common share. In connection with the closing, directors and officers of the Company subscribed for an aggregate of 1,200,000 Units.
The Company is actively in the process of pursuing acquisitions in the resource sector and proceeds from the private placement will be used to fund due diligence and transaction costs on potential acquisitions.
All of the securities issued pursuant to the Private Placement are subject to a four month hold period expiring September 2, 2017.
On behalf of the Board of
DESERT STAR RESOURCES LTD.
President and CEO, Desert Star Resources Ltd.
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.