Doubleview Capital Corp. ("Doubleview") (TSX-V: DBV) is pleased to announce that it has completed its previously announced proposed non-brokered private placement by issuing a total of 5,038,000 flow-through units at a price of $0.05 per flow-through unit (each a "FT Unit") for flow-through proceeds of approximately $251,900 and issuing a total of 2,914,440 non-flow-through units at a price of $0.05 per non-flow-through unit (each a "NFT Unit") for gross proceeds of $145,722.
Each NFT Unit is comprised of one common share of Doubleview and one common share purchase warrant ("NFT Warrant"), with each NFT Warrant entitling the holder to purchase one additional non-flow-through common share at $0.10 per share until December 31, 2014. Each FT Unit is comprised of one flow-through common share of Doubleview and one common share purchase warrant ("FT Warrant"), with each FT Warrant entitling the holder to purchase one additional non-flow-through common share at $0.15 per share until December 31, 2014. Doubleview will have the right to accelerate the expiry date of the NFT Warrants and FT Warrants if, at any time, the volume weighted average price of Doubleview's common shares is equal to, or greater than $0.20 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 financing, Doubleview paid a finder a cash commission of $21,000 and issued a finder a total of 420,000 non-transferable share purchase warrants. Each finder's warrant is exercisable on the same terms of the NFT Warrants and expire on December 31, 2014.
The securities issued under the financing will be subject to a hold period expiring on May 1, 2013 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The proceeds from the flow-through private placement will be used to pay qualifying exploration expenditures, including Diamond Drilling, expenditures on Doubleview's fully permitted Hat Copper Gold Porphyry project in northwestern British Columbia, and the net proceeds of the non-flow-through private placement will be used for general working capital purposes and may also be used to fund further exploration work on the Hat Project.
Hat Copper-Gold Alkalic Porphyry Project, North-West B.C.:
Doubleview has been issued a multi-year permit for the exploration and diamond drilling of its Hat Copper-Gold Porphyry Project ("Hat Project"), located in the Dease Lake area of British Columbia. Doubleview has identified several copper-gold and gold drill targets within the permitted area and plans to commence drilling in early 2013.
Highlights of the planned 2013 exploration and drill program include:
1.Induced polarization geophysical surveys to better define the position and dimension of exploration targets.
2.An initial 1500 metre diamond drilling program on the main target that was identified by historic soil geochemical and induced polarization geophysical surveys and reconfirmed by the Company's 2011 MMI geochemical soil survey.
3.Soil geochemical surveys will be extended into under-explored parts of the Hat Project.
Drill hole locations will be determined by reference to all available information. The historic database, which includes rock chip samples with as much as 8.9 g/tonne gold and 4.8% copper, was enhanced by Doubleview's 2011 MMI soil geochemical survey of 587 samples that outlined and confirmed several previously identified copper-gold soil geochemical anomalies. (see news release dated November 23, 2011).
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
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 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.