Doubleview Capital Corp. (TSX-V: DBV) Closes $560,150 First Tranche Financing
Doubleview Capital Corp. (“Doubleview”) (TSX-V: DBV, OTC: DBLVF, GER: A1W038) announces it has closed the initial tranches of its non-brokered private placement financing announced on October 26, 2016. Doubleview issued a total of 4,162,500 flow-through units (“FT Units”) at a price of $0.08 per FT Unit for gross proceeds of $330,000 and 2,876,875 non-flow-through units (“NFT Units”) at a price of $0.08 per NFT Unit for gross proceeds of $230,150.
Each NFT Unit is comprised of one common share of Doubleview and one common share purchase warrant (a “NFT Warrant”), with each NFT Warrant entitling the holder to purchase one additional common share at $0.15 per share for a period of two years from the date of issue. Each FT Unit is comprised of one flow-through common share of Doubleview and one-half of one common share purchase warrant (each whole warrant a “FT Warrant”), with each whole FT Warrant entitling the holder to purchase one additional common share at $0.15 per share for a period of two years from the date of issue.
Mr. Shirvani, Chief Executive Officer, President and a director of Doubleview, indirectly subscribed for 1,000,000 FT Units under the private placement financing. As a result, the issuance of FT Units to Mr. Shirvani is considered to be 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 participation in the private placement by insiders will not exceed 25% of the fair market value of Doubleview’s market capitalization.
In connection with the proceeds raised under the first tranche, Doubleview paid a finder a cash commission of $45,000 and issued an option to the finder to purchase 140,625 FT Units at a price of $0.10 per FT Unit and 140,625 NFT Units at a price of $0.10 per NFT Unit for a period of two years from the date of issuance. The FT Units and NFT Units are on the same terms as described above.
The securities issued under the financing will be subject to a hold period expiring on March 1, 2017 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Doubleview will use the proceeds from the flow-through offering for its exploration program on the Hat Copper Gold Porphyry project and non-flow-through offering for general working capital purposes.
About Doubleview Capital Corp.
Doubleview Capital Corp., a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada and is publicly traded on the TSX-Venture Exchange [TSX-V: DBV], [OTC: DBLVF], [FSE: A1W038]. Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia, Canada. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper and silver properties and the application of advanced state-of-the–art exploration methods. Doubleview’s portfolio of strategic properties provides diversification and mitigates investment risk.
On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer
For further information please contact:
Doubleview Capital Corp.
Suite 880, 409 Granville Street
Vancouver, BC, V6C 1T2
Farshad Shirvani, President & CEO
T: (604) 678-9587
E: [email protected]
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 implement its exploration 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.