- Desert Mountain Energy (DME) has upsized its private placement for gross proceeds of up to C$7.5M
- The company will use the funds for exploration and development of its helium projects
- The minimally dilutive capital raise will help offset inflation-based costs
- Desert Mountain Energy is focused on the exploration, development and production of helium, hydrogen and noble gases
- Desert Mountain Energy (DME) is unchanged trading at $2.95 per share
Desert Mountain Energy (DME) has upsized its previously announced private placement for gross proceeds of up to C$7.5M.
It will offer up to 2.5 million units priced at $3 per unit. The company may increase the offering up to 2.75M units at its sole discretion.
Each unit consists of one common share and one share purchase warrant.
Each warrant is exercisable into one additional share priced at $4 for three years from the date of closing. Expiry may be accelerated if DME shares reach $8 for ten consecutive trading days.
The company will use the funds for exploration and development of its helium projects, as well as for working capital and general corporate purposes.
“We are pleased that existing and new investors are showing this level of confidence in our company,” says Robert Rohlfing, CEO of Desert Mountain Energy Corp. “A healthy treasury has allowed us to explore and develop in a cost-efficient manner as the company moves into helium production this year.”
Desert Mountain Energy is focused on the exploration, development and production of helium, hydrogen and noble gases.
Desert Mountain Energy (DME) is unchanged trading at $2.95 per share as of 9:30 am EST.