Doubleview Capital Corp. (“Doubleview”) (TSX-V: DBV) is pleased to announce that it has completed its previously announced proposed non-brokered private placement by issuing a total of 5,000,000 units at a price of $0.05 per unit (each a “Unit”) for proceeds of approximately $250,000.
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.
Mr. Shirvani, Chief Executive Officer, President and a director of Doubleview, subscribed for 3,870,000 Units under the private placement financing. As a result, the issuance of 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.
The securities issued under the financing will be subject to a hold period expiring on September 18, 2013 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds from the offering will be used for Doubleview’s proposed drill program on the Hat Copper Property, and for general working capital purposes.
Mobilization of Drill Program on Hat Property
As a result of the foregoing, Doubleview is pleased to announce that drilling equipment and a field crew are being mobilized to the Hat Property, an alkalic porphyry copper-gold prospect located in the Stikine Mining District of northwest British Columbia. Doubleview holds an option to acquire 100% interest in the Hat Property.
The Hat Property has an historic database of geochemical and geophysical surveys, supplemented by Doubleview’s confirmatory geochemical surveys and reinterpretation of geophysical data. Doubleview’s diamond drilling program will be directed to areas of strong coincident copper and gold in soils, magnetic and induced polarization chargeability anomalies. The underlying “Stuhini” volcaniclastic and sedimentary geologic formations and related alkalic intrusions are similar to those occurring in Quesnellia terrane that is host to many of British Columbia’s most important mineral deposits.
The initial program of drilling is expected to total as much as 2,000 metres. The Hat Property is fully permitted and Doubleview is working closely with local contractors and stakeholders.
Erik A. Ostensoe, P. Geo, a consulting geologist, is Doubleview’s Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, with respect to the Hat Project and has reviewed and approved the technical disclosure of this news release. Mr. Ostensoe is not independent of Doubleview as he is a shareholder and is a co-optionor of the Hat Project.
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]. 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.
Farshad Shirvani, President & CEO
Vancouver, BC V6B 1N2
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 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.