news release out:
DESERT SUN MINING CORP. (TSX: DSM; AMEX: DEZ) has completed its previously announced bought deal financing pursuant to which, as a result of the underwriters exercising their over-allotment option in full, it raised $25 million through the issuance of 10,729,614 units at a price of $2.33 per unit. Each unit consists of one common share and one-quarter of one common share purchase warrant of Desert Sun. Each whole warrant will be exercisable at a price of $2.50 until November 20, 2008. The warrants will trade on the Toronto Stock Exchange under the symbol "DSM.WT". The underwriting syndicate for the offering was led by Sprott Securities Inc. and included CIBC World Markets Inc., Salman Partners Inc., Canaccord Capital Corporation, First Associates Investments Inc., Haywood Securities Inc. and Pacific International Securities Inc. Proceeds from the offering will be used by the Corporation as to US$10 million to expand its exploration program in Morro de Vento, Jacobina mine, Pindabacu and Canavieras, as to US$5 million to finance pre-feasibility and other development work at Morro de Vento and Canavieras and the balance for working capital purposes.
Desert Sun Mining is a Canadian gold exploration and development company listed on the Toronto Stock Exchange and the American Stock Exchange with 100% ownership of the Jacobina Mine and the 155 km long Bahia Gold Belt in the state of Bahia, in northeastern Brazil. For additional information, please see Desert Sun's website at www.desertsunmining.com.
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