Doubleview Gold Corp Announces Closing of Second Tranche of Private Placement for Total of $1,833,270

Rhea-AI Summary

Doubleview Gold Corp (TSXV: DBG) (OTCQB: DBLVF) announces the closing of its second tranche of non-brokered Private Placement, raising $416,300, bringing total gross proceeds to $1,833,270. The company issued 90,182 flow-through units at $0.55 per unit and 965,000 non-flow-through units at $0.38 per unit. The total placement includes 1,911,364 flow-through units and 2,057,947 non-flow-through units. Proceeds will fund exploration work on BC projects, particularly the polymetallic Hat Project, geological services, and working capital. The company will pay $3,705 in finder's fees and issue 9,750 finder's warrants.

Positive

• Successfully raised $1.83M in total gross proceeds
• Ongoing drilling activities at Hat Project indicate operational progress
• Secured additional working capital for exploration and development

Negative

• Potential dilution for existing shareholders due to new share issuance
• Warrants subject to early termination could lead to additional dilution

Vancouver, British Columbia--(Newsfile Corp. - October 29, 2024) - Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) (the "Company or "Doubleview") is pleased to announce that it is closing its second tranche of its non-brokered Private Placement, as originally announced on September 10 and 11, 2024, of flow-through and non-flow-through funds for gross proceeds of $416,300. To date the Company has raised total gross proceeds of $1,833,270 (total flow-through funds of $1,051,250 and total non-flow-through funds of $782,020).

Under the second tranche Doubleview will issue a total of 90,182 flow-through units (the "FT Units") at a price of $0.55 per FT Unit for gross proceeds of $49,600. Each flow-through unit (the "FT Unit") consists of one common share of the Company (a "FT Share") and one half of one common share purchase warrant (each, a "Warrant"). Each full Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") (on a non-"flow-through" basis) at an exercise price of $0.65 per Warrant Share for a period of 24 months following the closing date. The Warrants are subject to early termination if the underlying shares trade at a volume weighted average price equal to or greater than $0.70 for 5 (five) consecutive days in the 24 month period from the date of issuance.

Additionally, Doubleview will issue a total of 965,000 non-flow-through units (the "Units") at a price of $0.38 per Unit for gross proceeds of $366,700. Each Unit shall consist of one common share of the Company (a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") at an exercise price of $0.48 per Warrant Share for a period of 6 months following the closing date and thereafter at an exercise price of $0.55 per Warrant Share for a period of 18 months. The Warrants are subject to an acceleration period (the "Warrant Acceleration Period") whereby should the shares, traded on the TSX-V, trade at a volume weighted average price exceeding $0.55 for a period of 5 consecutive trading days for the period between March 03, 2025 through April 30, 2025, and at a volume weighted average price exceeding $0.65 per Common share for a period of 5 consecutive trading days from May 1, 2025 through the expiry date. At either of those times the Company may, at its discretion, deliver a notice (the "Notice") to the Warrant holders notifying such Warrant holders that they must exercise their Warrants within thirty (30) days from the date of such Notice, otherwise the Warrants will expire on the thirty-first (31st) day, provided that the Company will not be entitled to exercise such forced conversion right during the period of time that the Securities are subject to resale restrictions (i.e. within the first four months and a day from the Closing Date).

Under this private placement, Doubleview is issuing a total of 1,911,364 flow-through units and 2,057,947 non-flow-through units.

For this second tranche, the Company will pay $3,705 in finder's fees and will issue 9,750 finder's warrants.

The Company shall continue to raise funds under the terms noted above for up to $4,000,000. Proceeds are intended to be used for contributions and maintenance of the Company's exploration work on its BC projects, particularly for the polymetallic Hat Project, located in northwestern BC, where drilling is still ongoing, geological advisory and analytical services as well as other exploration development work and general working capital purposes.

Pursuant to applicable Canadian securities laws and in accordance with the Exchange policies, all securities issued under this Private Placement will be subject to applicable resale restrictions under applicable securities laws and to the Exchange hold period of four months and one day from the date of issuance.

The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange.

About Doubleview Gold Corp

Doubleview Gold 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: DBG], [OTCQB: DBLVF], [Frankfurt: 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 risks.

On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer

For further information please contact:
Doubleview Gold Corp
Vancouver, BC Farshad Shirvani
President & CEO

T: (604) 678-9587
E: corporate@doubleview.ca

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.

Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228302

FAQ

How much did Doubleview Gold Corp (DBLVF) raise in their second tranche of private placement?

Doubleview Gold Corp raised $416,300 in the second tranche of their private placement.

What is the total amount raised by Doubleview Gold (DBLVF) in their private placement?

The total gross proceeds raised to date are $1,833,270, consisting of $1,051,250 in flow-through funds and $782,020 in non-flow-through funds.

What will Doubleview Gold (DBLVF) use the private placement proceeds for?

The proceeds will be used for exploration work on BC projects, particularly the Hat Project, geological advisory and analytical services, and general working capital purposes.

What is the exercise price for the warrants in Doubleview Gold's (DBLVF) flow-through units?

The warrants in the flow-through units can be exercised at $0.65 per Warrant Share for 24 months following the closing date.