Doubleview Capital Corp. ("Doubleview") (TSX-V: DBV) is pleased to announce that it has closed the final tranche of its private placement financing announced on September 5, 2013 and October 8, 2013 by issuing a total of 5,250,000 units ("Units") for gross proceeds of $315,000. Under the entire private placement financing, Doubleview raised total gross proceeds of $600,000 by issuing a total of 10,000,000 Units.
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 private placement, Doubleview paid finders cash commissions totaling $28,052 and issued a finder 213,200 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 first tranche and 2,110,000 Units under the final tranche of the financing, representing a total of 3,525,001 Units under the entire 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 February 17, 2014 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Proceeds from the financing will be directed to Doubleview's geophysical surveys and 2013 fall program of diamond drilling on its Hat alkalic copper-gold porphyry property located in the Sheslay district in northwestern B. C.
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 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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