Doubleview Capital Corp. (TSX-V: DBV) Reports Mid-Winter Shutdown of Drilling of its Hat Project and Closing of Second Tranche of Financing
The Hat Project, located in northwestern British Columbia, is a copper-gold alkalic porphyry type deposit. Property work since that time has included extensive data compilation, geochemical soil surveys and geophysical chargeability and resistivity surveys. Diamond drilling in 23 drill holes has explored strongly anomalous areas that were identified from property work, with the majority of work being directed to the Lisle Zone. Since its discovery in 2013, the Lisle Zone has been expanded to 962 metres length and to about 400 metres depth from surface. Details of selected drill core assays are presented in Doubleview’s news release dated December 10, 2014. Of particular significance is Hole H-22-14 that returned 404 metres of sulphide mineralization that assayed 0.25% copper and 0.255 g/tonne gold, including 118 metres with 0.55% copper and 0.41 g/tonne gold.
The Hat Project program of diamond drilling has been suspended to allow contractors and company personnel to celebrate the holiday season. All equipment remains on the property and the field camp and drill outfit have been suitably winterized. Drill hole H-23-14 was halted at 650 metres depth and 263 core samples have been delivered to an independent analytical laboratory for multi-element analysis. Analytical details will be reported by news release following their receipt and verification. Drilling will resume in the new year.
Doubleview is also pleased to announce that it has closed the second tranche of its non-brokered private placement financing announced on November 12, 2014. Doubleview issued a total of 436,112 flow-through units (“FT Units”) at a price of $0.18 per FT Unit for gross proceeds of $78,500. Under the entire private placement, Doubleview issued 2,270,002 FT Units for gross proceeds of $408,600 and 66,666 non-flow-through units for proceeds of $10,000.
Each FT Unit issued under the second tranche 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 $0.25 per share until December 22, 2016. Doubleview will have the right to accelerate the expiry date of the FT Warrants if, at any time, the average closing price of Doubleview’s common shares is equal to, or greater than $0.30 for 5 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.
In connection with the proceeds raised under the second tranche, Doubleview paid a finder a cash commission of $5,495 and issued the finder 30,527 non-transferable warrants. Each finder’s warrant is exercisable at a price of $0.20 per share for a period of two years from the date of issue.
The securities issued under the financing will be subject to a hold period expiring on April 23, 2015 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 the net proceeds of the non-flow-through offering will be used for general working capital purposes.
Mr. Erik A. Ostensoe, P. Geo., a consulting geologist, is Doubleview’s Qualified Person with respect to the Hat Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Ostensoe has reviewed and approved the technical contents of this news release. He is not independent of Doubleview as he is both a shareholder and 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.
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 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.