Doubleview to Exercise Option to Acquire Red Springs Property
Doubleview Capital Corp. (“Doubleview”) (TSX-V: DBV, OTC: DBLVF, GER: 1D4) announces that it has entered into an amendment to mineral property option agreement with Farshad Shirvani, Chief Executive Officer and a director of Doubleview, to acquire a 90% interest in the Red Springs Project, British Columbia. Under the terms of the amendment agreement, Doubleview has agreed to issue a total of 1,320,000 common shares of Doubleview (1,188,000 common shares to Mr. Shirvani and 132,000 common shares to Erik Ostensoe) and, in consideration of which, the Company will be released of its obligation to pay $132,000 due under the option agreement. Upon closing of the amendment agreement, the Red Springs Project will be owned by the following persons: Doubleview will own a 90% interest, Mr. Shirvani will own a 9% interest and Mr. Ostensoe will own a 1% interest.
The issuance of the shares to Mr. Shirvani pursuant to the transaction is considered to be a related party transaction subject to 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 transaction will not exceed 25% of the fair market value of the Company’s market capitalization.
The amendment agreement is subject to the acceptance of the TSX Venture Exchange.
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], [OTCBB: DBLVF], [GER:1D4], [Frankfurt: A1W038]. Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. Doubleview increases shareholder value through the acquisition and exploration of quality gold, copper and silver properties, and the application of advanced state-of-the-art exploration methods. The Company’s portfolio of strategic properties provides diversification and mitigates investment risk.
On behalf of the Board of Directors,
Farshad Shirvani, M.Sc. Geology
President & Chief Executive Officer
For further information please contact:
Doubleview Capital Corp.
409 Granville St., Suite #880
Vancouver, BC V6C 1T2
Farshad Shirvani, M.Sc. Geology
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 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.
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