Doubleview Capital Corp. (“Doubleview”) (TSX-V: DBV) announces a proposed non-brokered private placement of up to 5,000,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of up to $250,000 (the “Offering”). Each Unit is comprised of one common share of Doubleview and one common share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one additional common share at $0.10 per share for a period of two years from the date of the issue. Doubleview will have the right to accelerate the expiry date of the Warrants if, at any time, the volume weighted average price of Doubleview’s common shares is equal to, or greater than $0.20 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after Doubleview issues a news release announcing that it has elected to exercise this acceleration right.
Farshad Shirvani, Chief Executive Officer of Doubleview, plans to sell up to an aggregate of 2,800,000 common shares of Doubleview from his personal holdings through the facilities of the TSX Venture Exchange. Mr. Shirvani will use all of the net proceeds from the sale of these shares to purchase units under the Offering. As a result of the proposed purchase of Units by Mr. Shirvani, Doubleview anticipates that insiders may subscribe for greater than 25% of the private placement. The issuance of shares to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Doubleview intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of Doubleview’s market capitalization
Subject to TSX Venture Exchange approval, Doubleview may pay a cash finder’s fee of up to 10% of the aggregate gross proceeds of the private placement and 10% warrant to registered brokers or pay a cash finder’s fee to certain finders of up to 10% of the aggregate gross proceeds of the private placement. Completion of the private placement is subject to TSX Venture Exchange approval.
The proceeds from the offering will be used for Doubleview’s proposed drill program on the fully permitted Hat Copper Gold Porphyry project in northwestern British Columbia, and for general working capital purposes.
About Doubleview Capital Corp.
Doubleview Capital Corp. is a Canadian resource exploration and development company located in Vancouver British Columbia. Doubleview is a publicly trading company on TSX-Venture Exchange under TSX.V: DBV. Doubleview identifies, acquires and finances quality precious and base metal exploration mining projects in North America and more specifically British Columbia, Canada. Doubleview increases shareholder value through strategic and quality Gold, Copper, and Silver projects acquisitions, and through advanced and state of the art exploration methods in the industry.
Doubleview endeavours to increase the odds of exploration success and to mitigate investment risk through diversification. The recent, strategic property acquisitions have strengthened the Doubleview’s property portfolio of Gold, Silver and Copper exploration Projects.
On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer
For further information please contact:
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
President & CEO
T: (604) 678-9587
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Doubleview cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Doubleview’s control. Such factors include, among other things: risks and uncertainties relating to Doubleview’s ability to complete the proposed private placement financing, implement its drill program on the Hat Property, limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Doubleview undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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.