Doubleview Capital Corp. ("Doubleview") (TSX-V: DBV) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement by issuing a total of 4,750,000 units at a price of $0.06 per unit (each a "Unit") for gross proceeds of $285,000.
Each Unit is comprised of one common share of Doubleview and one-half of one common share purchase warrant ("Warrant"), with each whole 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 issuance.
In connection with the proceeds raised under the first tranche, Doubleview paid a finder a cash commission of $7,992 and issued the finder 133,200 non-transferable warrants. Each finder's warrant is exercisable on the same terms as the warrants described above.
Mr. Shirvani, Chief Executive Officer, President and a director of Doubleview, subscribed for 1,415,001 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 January 17, 2014 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds from the financing will be used for additional exploration expenditures including geophysical surveys and diamond drilling on Doubleview's fully permitted Hat Copper-Gold alkalic porphyry project in northwestern British Columbia and for general working capital purposes. A field crew has been mobilized to the property to conduct an induced polarization geophysical survey comprising approximately 40 line-kilometres. The Company plans to commence a Phase II program of diamond drilling immediately following completion of the geophysical survey.
The Phase I 2013 exploration and diamond drilling program included six holes with total length1380 metres. The drill program was directed to targets that were identified by historic soil geochemical and induced polarization geophysical surveys and reconfirmed by the Company's 2011 MMI geochemical soil survey. Property location and neighboring properties may be viewed at:
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.
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 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.
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