Doubleview Gold Corp Announces Extension of Private Placement

Rhea-AI Summary

Doubleview Gold Corp (TSXV: DBG) (OTCQB: DBLVF) has announced an extension for its previously announced non-brokered private placement, aiming to raise up to $4,000,000. The company is offering both flow-through (FT) and non-flow-through (NFT) units. FT Units are priced at $0.55 each, comprising one common share and half a warrant, with full warrants exercisable at $0.65 for 24 months. NFT Units include one common share and a full warrant, exercisable at $0.48 for 6 months, then at $0.55 for 18 months.

Doubleview has already closed the first tranche, raising $1,416,970 through 821,182 FT units and 1,092,947 NFT units. Proceeds will fund exploration work on BC projects, particularly the polymetallic Hat Project, and general corporate purposes. The private placement is subject to TSX Venture Exchange approval, with securities subject to a four-month hold period.

Positive

• Successful closing of first tranche raising $1,416,970
• Potential to raise up to $4,000,000 through the private placement
• Funds allocated for exploration work, particularly on the polymetallic Hat Project

Negative

• Dilution of existing shareholders due to issuance of new shares and warrants
• Extended fundraising period may indicate challenges in attracting investors

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) (the "Company or "Doubleview") is pleased to announce that it has been granted an extension to complete its previously announced (September 10 and 11, 2024) non-brokered private placement for total gross proceeds of up to $4,000,000 (the "Private Placement"). The Company is offering flow-through and non-flow-through Units.

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") at a price of $0.55 per FT Unit. 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 consecutive days in the 24 month period from the date of issuance.

Each non-flow-through unit (the "NFT Unit") consists of one common share of the Company (a "NFT 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 also subject to an acceleration period.

The Company closed the first tranche of the Private Placement consisting of 821,182 flow-through units and 1,092,947 non-flow-through units in connection with the Private Placement for gross proceeds of $ 1,416,970.

The net proceeds from the Private Placement will 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, as well as general corporate and working capital purposes. The Common Shares and Warrants issued pursuant to the Private Placement will be subject to a four month hold period required under applicable securities laws. The Private Placement is subject to acceptance by the TSX Venture Exchange.

About Doubleview Gold Corp

A mineral resource exploration and development company is headquartered in Vancouver, British Columbia, Canada. It is publicly traded on the TSX-Venture Exchange (TSXV: DBG), (OTCQB: DBLVF), (GER: A1W038), and (FSE: 1D4). Doubleview focuses on identifying, acquiring, and financing precious and base metal exploration projects across North America, with a strong emphasis on British Columbia. The company enhances shareholder value through the acquisition and exploration of high-quality gold, copper, cobalt, scandium, and silver projects-collectively critical minerals-utilizing cutting-edge exploration techniques.

Doubleview's success is deeply rooted in the unwavering support of its long-term shareholders, supporters, and institutional investors. Their ongoing commitment has been instrumental in advancing the company's strategic initiatives. Doubleview looks forward to further collaborative growth and development and continues to welcome active participation from its valued stakeholders as the company expands its portfolio and strengthens its position in the critical minerals sector.

About the Hat Polymetallic Deposit

The Hat Deposit, located in northwestern British Columbia, is a polymetallic porphyry project with major resources of copper, gold, cobalt, and the potential for scandium. As one of the region's significant sources of critical minerals, the Hat deposit has undergone targeted exploration and development. The 0.2% CuEq cut-off resource estimate, as of the recently completed Mineral Resource Estimate and the Company's July 25, 2024 news release, is summarized below:

			Average Grade					Metal Content
Open Pit Model Hat	Resource Category	Tonnage	CuEq	Cu	Co	Au	Ag	CuEq	Cu	Co	Au	Ag
		Mt	%	%	%	g/t	g/t	million lb	million lb	million lb	thousand oz	thousand oz
In Pit	Indicated	150	0.408	0.221	0.008	0.19	0.42	1,353	733	28	929	2,045
	Inferred	477	0.344	0.185	0.009	0.15	0.49	3,619	1,945	91	2,328	7,575

 

Scandium potential for the Hat Deposit is estimated to be 300 to 500 million tonnes at an average grade of 40 ppm (0.004%) Sc₂O₃.

For further details, please refer to the Company's July 25, 2024 news release.

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

Institutional Investor Line: (604) 607-5470

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/225328

FAQ

What is the purpose of Doubleview Gold Corp's (DBLVF) private placement extension?

The extension allows Doubleview Gold Corp to complete its previously announced non-brokered private placement to raise up to $4,000,000 for exploration work on BC projects, particularly the Hat Project, and for general corporate purposes.

How much has Doubleview Gold Corp (DBLVF) raised in the first tranche of its private placement?

Doubleview Gold Corp has raised $1,416,970 in the first tranche of its private placement through the issuance of 821,182 flow-through units and 1,092,947 non-flow-through units.

What are the terms of the flow-through units offered by Doubleview Gold Corp (DBLVF)?

Flow-through units are priced at $0.55 each, consisting of one common share and half a warrant. Each full warrant is exercisable at $0.65 for a 24-month period, subject to early termination conditions.

How long is the hold period for securities issued in Doubleview Gold Corp's (DBLVF) private placement?

The common shares and warrants issued in Doubleview Gold Corp's private placement are subject to a four-month hold period as required under applicable securities laws.