TORONTO, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Capital Drilling Limited (CAPD:LON) ("Capital") announces that it has filed an early warning report in respect of its holdings in Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF).
On July 25, 2019, Capital, acquired, by way of a non-brokered private placement of the Company (the "Private Placement"), beneficial ownership of, or control or direction over, 4,375,000 units of the Company (each, a "Unit") at a purchase price of C$0.16 per Unit. Each Unit is comprised of one common share of the Company (each, a "Unit Share") and one common share purchase warrant of the Company (each, a "Unit Warrant"), with each Unit Warrant entitling the holder thereof to purchase one additional common share of the Company (each, a "Common Share") at a price of C$0.24 per share for a period of 24 months from the closing date of the Private Placement.
Immediately prior to the acquisition of the Units, Capital did not hold, directly or indirectly, or exercise control or direction over, any voting or equity securities of any class of the Company, or securities convertible into voting or equity securities of any class of the Company.
Immediately following the acquisition of the Units, Capital held beneficial ownership of, or control and direction over, (i) 4,375,000 Common Shares, representing approximately 6.50% of the number of Common Shares outstanding on a basic basis (being 67,360,301 Common Shares), and (ii) 4,375,000 Unit Warrants, representing, together with the 4,375,000 Common Shares held by Capital, approximately 12.2% of the number of Common Shares issued and outstanding on a partially-diluted basis (assuming only the exercise of the 4,375,000 Unit Warrants held by Capital).
The Units were acquired for investment purposes, and Capital has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of the Company. Capital reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate.
A copy of the early warning report filed by Capital in connection with the acquisition of the Units described above is available on SEDAR under Capital’s profile at www.sedar.com. This news release is issued under the early warning provisions of the Canadian securities legislation.
For further information please contact:
| Capital Drilling Limited André Koekemoer, Chief Financial Officer +230 464 3250 investor@capdrill.com |
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.