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Enter Symbol
or Name
USA
CA



Doubleview Capital Corp
Symbol DBV
Shares Issued 67,477,800
Close 2016-10-24 C$ 0.075
Market Cap C$ 5,060,835
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Doubleview Capital arranges $1-million financing

2016-10-25 10:10 ET - News Release

Mr. Farshad Shirvani reports

DOUBLEVIEW CAPITAL CORP. (TSX-V: DBV) ANNOUNCES PROPOSED PRIVATE PLACEMENT FINANCING OF UP TO $1,000,000

Doubleview Capital Corp. has arranged a proposed non-brokered private placement financing of up to 8.5 million units at a price of eight cents per non-flow-through unit for gross proceeds of $680,000 and four million units at a price of eight cents per flow-through unit for gross proceeds of up to $320,000.

Each NFT unit will comprise one common share of Doubleview and one common share purchase warrant, with each NFT 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 issue. Each FT unit will comprise one flow-through common share of Doubleview and one-half of one common share purchase warrant, with each whole FT 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 issue.

Farshad Shirvani, chief executive officer, president and a director of Doubleview, plans to subscribe for one million 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 per cent of the fair market value of Doubleview's market capitalization.

Subject to TSX Venture Exchange approval, Doubleview may pay a finders 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 eight cents 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.

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