DOUBLEVIEW CAPITAL CORP. (“Doubleview”) (TSX-V: DBV) is pleased to announce that it has closed its previously announced flow-through private placement offering by issuing a total of 1,400,000 flow-through common shares at a price of $0.075 per share. Of the 1,400,000 flow-through common shares issued, 1,333,333 flow-through common shares were issued to Farshad Shirvani, the Chief Executive Officer, President and director of Doubleview (see news release dated December 30, 2011).
As Mr. Shirvani’s participation in private placement exceeded 25% of the offering, the issuance of shares to Mr. Shirvani is considered a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Doubleview is relying 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 Mr. Shirvani’s participation in the private placement does not exceed 25% of the fair market value of Doubleview’s market capitalization.
The securities issued under the private placement will be subject to a hold period expiring on May 1, 2012, in respect of 1,333,333 flow-through common shares issued on December 30, 2011, and June 11, 2012, in respect of 66,667 flow-through common shares issued on February 10, 2012, pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Proceeds of the private placement will be used to fund the proposed exploration program on the Hat Property located 95 km west of Dease Lake in northwestern British Columbia.
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
Farshad Shirvani, CEO
T: (604) 678-9587
E: co*******@do********.ca
Forward-Looking Statements
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 complete the balance of the private placement offering. 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.
