Desert Mountain Energy Corp. announced a non-brokered private placement of up to 1.667 million units at a price of CAD 3 per share for gross proceeds of up to CAD 5.001 million on June 8, 2022. The company may in its sole discretion increase the maximum of the offering by up to 5% to a maximum of 1.75 million units.

Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of CAD 4 per share for a period of 3 years from the date of the closing. 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 8 per share for a minimum of ten consecutive trading days.

Finder's fees are payable of up to 7% in cash and 5% in finder warrants, with the finder warrants having an exercise price of CAD $4.00 per share, but with no forced conversion. All securities issued as part of the transaction will be subject to a four month hold period. The transaction is subject to approval from the TSX Venture Exchange.