Doubleview Capital Corp. ("Doubleview") (TSX-V: DBV) announces that it has increased its previously announced non-brokered private placement financing (see news release dated September 5, 2013) from 8,333,333 units ("Units") to 10,000,000 Units at a price of $0.06 per Unit for gross proceeds of $600,000. 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.
As set out in Doubleview's news release dated September 17, 2013, Doubleview closed the first tranche of the private placement by issuing a total of 4,750,000 units at a price of $0.06 per Unit for gross proceeds of $285,000.
Prior to closing the final tranche of the private placement, Mr. Shirvani, Chief Executive Officer, President and a director of Doubleview, plans to sell up to 2,000,000 common shares of his personal holdings through the facilities of the TSX Venture Exchange. The net proceeds from the sale of these shares will be used to purchase Units under the private placement. As a result, any issuance of Units to Mr. Shirvani will be considered 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 proceeds from the financing will be used by Doubleview to implement its fall 2013 drill program on the Hat Property, located in northwestern British Columbia, and for general working capital purposes.
About Doubleview Capital Corp.
Doubleview Capital Corp. is a Canadian resource exploration and development company located in Vancouver British Columbia. Doubleview is a publicly trading company on TSX-Venture Exchange under TSX.V: DBV. Doubleview identifies, acquires and finances quality precious and base metal exploration mining projects in North America and more specifically British Columbia, Canada. Doubleview increases shareholder value through strategic and quality Gold, Copper, and Silver projects acquisitions, and through advanced and state of the art exploration methods in the industry.
Doubleview endeavours to increase the odds of exploration success and to mitigate investment risk through diversification. The recent, strategic property acquisitions have strengthened the Doubleview's property portfolio of Gold, Silver and Copper exploration projects.
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 complete the proposed private placement financing, 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.
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