VANCOUVER, May 20, 2015 /CNW/ - (TSXV: DSR) ("Desert Star" or the "Company") is pleased to announce the appointment of R. Stuart (Tookie) Angus to the Company's advisory board. Mr. Angus is an independent business advisor to the mining industry and is presently a director of Wildcat Silver Corp. and Chairman of Nevsun Resources Ltd. He was formerly Head of the Global Mining Group for Fasken Martineau. For the past 30 years, Mr. Angus has focused on structuring and financing significant international exploration, development and mining ventures. More recently, he was managing Director of Mergers & Acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Mr. Angus is the former Chairman of the Board of BC Sugar Refinery Limited, he was a Director of First Quantum Minerals until June 2005, a Director of Canico Resources Corporation until its takeover by Brazil's CVRD in 2005, a Director of Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, a Director of Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and a Director of Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011.
The Company would also like to announce a private placement (the "Private Placement") for gross proceeds of $115,000, through the issuance of units (each a "Unit") of Desert Star, at a price of $0.15 per Unit. Each Unit is comprised of one common share and one transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional share of Desert Star for a period of two years from the date of issuance at a price of $0.25 per share. Mr. Tookie Angus will be subscribing for $100,000 of this financing.
Desert Star will pay finder's fees in accordance with TSX Venture Exchange policies. Proceeds of the Private Placement will be used for the continued exploration of Desert Star's properties and for general working capital purposes. All securities issued pursuant to the Private Placement will be subject to a four month and a day hold period.
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.
SOURCE Desert Star Resources Ltd.
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For further information: regarding Desert Star, please email [email protected] or visit our website at www.desertstar.ca