DOUBLEVIEW CAPITAL CORP. (TSX-V: DBV) CLOSES FINAL TRANCHE OF $600,000 PRIVATE PLACEMENT FINANCING
Doubleview Capital Corp. has closed the final tranche of its private placement financing announced on Sept. 5, 2013, and Oct. 8, 2013, by issuing a total of 5.25 million 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 million units.
Each unit comprises one common share of Doubleview and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at 15 cents 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 totalling $28,052 and issued a finder 213,200 non-transferable warrants. Each finder warrant is exercisable on the same terms as the warrants described above.
Farshad 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 per cent 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 Feb. 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 of northwestern British Columbia.
We seek Safe Harbor.
