Doubleview Gold Corp Announces Oversubscribed Private Placement Closing

Rhea-AI Summary

Doubleview Gold Corp (TSXV: DBG) (OTCQB: DBLVF) has successfully completed an oversubscribed private placement, raising total gross proceeds of $1,600,000.40. The placement consists of $1,499,999.60 in flow-through and $100,000.80 in non-flow-through funds.

The company will issue 263,160 Non-Flow-Through Units at $0.38 per unit, each including one common share and one purchase warrant. Additionally, 3,409,090 Flow-Through Shares will be issued at $0.44 per share. The proceeds will fund exploration work on BC projects, particularly the polymetallic Hat Project, including drilling and analytical services.

A Finder's Fee of $37,500 in cash and 111,441 Finder's Shares at $0.3365 will be paid. The placement's closing is subject to regulatory approvals.

Positive

• Successful fundraising of $1.6M through private placement
• Funds allocated for exploration work on Hat Project
• Oversubscribed placement indicating strong investor interest

Negative

• Share dilution through issuance of new shares and warrants
• Additional dilution through Finder's Shares

Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) (the "Company" or "Doubleview") is pleased to announce that has raised raised $1,499,999.60 in flow-through and $100,000.80 in non-flow-through funds by way of a non-brokered private placement for total gross proceeds of $1,600,000.40.

Under this private placement, 263,160 Non-Flow-Through Units will be issued. Each Non-Flow-Through Unit shall consist of one common share of the Company (a "Share") and one common share purchase warrant (each, a "Warrant") at a price of $0.38 per Unit. 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 early termination if the underlying shares trade at a volume weighted average price equal to or greater than $0.65 for 5 consecutive days in the 24 month period from the date of issuance.

Additionally a total of 3,409,090 Flow-Through Shares (the "FT Share") will be issued at a price of $0.44. Each FT Share of the Company qualifies as a "flow-through share" within the meaning of subsection 66(15) the Income Tax Act (Canada) (the "ITA").

The proceeds of the sale of the shares will be used for contribution and maintenance of the Company's exploration work on its BC projects, particularly for the polymetallic Hat Project, located in northwestern BC. This work includes drilling, geological advisory and analytical services as well as other 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.

The Company will pay a Finder's Fee of $37,500 in cash and issue 111,441 Finder's Shares at a volume weighted average price of $0.3365 in connection with the private placement.

The closing of the private placement is subject to receipt of all necessary regulatory approvals including 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), (WKN: LA1W038), 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.

Qualified Person:

Erik Ostensoe, P. Geo., a consulting geologist, and Doubleview's Qualified Person with respect to the Hat Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, and approved the written technical disclosure contained in the news release. He is not independent of Doubleview as he is a shareholder in the company.

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/234970

FAQ

How much did Doubleview Gold Corp (DBLVF) raise in its December 2024 private placement?

Doubleview Gold Corp raised total gross proceeds of $1,600,000.40, consisting of $1,499,999.60 in flow-through and $100,000.80 in non-flow-through funds.

What are the terms of DBLVF's warrant exercise prices in the December 2024 placement?

The warrants have an exercise price of $0.48 per share for the first 6 months, then $0.55 per share for the following 18 months, with early termination if shares trade at $0.65 for 5 consecutive days.

How will DBLVF use the proceeds from the December 2024 private placement?

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

What finder's fees did DBLVF pay for the December 2024 private placement?

Doubleview Gold Corp paid a finder's fee of $37,500 in cash and issued 111,441 Finder's Shares at a volume weighted average price of $0.3365.