Doubleview Capital Corp. Announces Proposed Private Placement Financing of Up to $1,000,000
25/Oct/2016 - Doubleview Capital Corp. ("Doubleview") (TSX-V: DBV, OTC: DBLVF, GER: 1D4) is pleased to announce a proposed non-brokered private placement financing of up to 8,500,000 units (the "NFT Units") at a price of $0.08 per NFT Unit for gross proceeds of $680,000 and 4,000,000 units (the "FT Units") at a price of $0.08 per FT Unit for gross proceeds of up to $320,000. Each NFT Unit will be comprised of one common share of Doubleview and one common share purchase warrant (a "NFT Warrant"), with each NFT 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 issue. Each FT Unit will be comprised of one flow-through common share of Doubleview and one-half of one common share purchase warrant (each whole warrant a "FT Warrant"), with each whole FT 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 issue.
Mr. Shirvani, Chief Executive Officer, President and a director of Doubleview, plans to subscribe for 1,000,000 FT Units under the private placement financing. As a result, the issuance of FT 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.
Subject to TSX Venture Exchange approval, Doubleview may pay a finder's a fee in cash and/or warrants. The finder's warrants will be on the same terms as the Warrants under the private placement.
Closing of the private placement is subject to TSX Venture Exchange approval.
The proceeds from the private placement will be used for general working capital purposes.
Debt Settlement
The Company also proposes to issue 502,331 NFT Units at a deemed price of $0.08 per NFT Unit to settle outstanding indebtedness of $40,186.48 with a third party creditor. The NFT Units will be on the same terms as the private placement. Closing of the debt settlement is subject to TSX Venture Exchange approval.
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], [OTC: DBLVF], [GER: 1D4]. Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. 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. The Company'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.
409 Granville St., Suite #880
Vancouver, BC V6C 1T2
Farshad Shirvani, President & CEO
T: (604) 678-9587
E: corporate@doubleview.ca
Forward-Looking Statements. 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 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.
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