Doubleview Gold Closes First Tranche of Private Placement, Raising $1.42M

2 min read | September 11, 2024 11:53 AM EDT | By Team Kalkine Media

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Doubleview Gold Closes First Tranche of Private Placement, Raising $1.42M — Image source: Shutterstock

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Doubleview Gold Corp (TSXV:DBG) has successfully closed the first tranche of its non-brokered private placement. This significant fundraising effort has resulted in the generation of substantial capital to support the company’s exploration projects, particularly its Hat project in northwestern British Columbia. In this tranche, Doubleview issued 1,821,182 flow-through units, priced at C$0.55 per unit, raising C$1 million in gross proceeds.

Each flow-through unit is composed of one common share and one-half of a common share purchase warrant. Holders of full warrants are given the option to purchase additional shares at a price of C$0.65 per share within a 24-month period. However, the warrant’s validity may be subject to early termination if the company's shares trade at or above C$0.70 for five consecutive trading days. This clause incentivizes quick decision-making from the warrant holders if the market performs favorably.

In addition to the flow-through units, Doubleview Gold Corp also issued 1,092,947 non-flow-through units. These units were priced at C$0.38 per unit, resulting in an additional C$415,320 in proceeds. These units, much like the flow-through units, include common shares and share purchase warrants. The non-flow-through warrants allow holders to acquire more shares at a price of C$0.48 for six months and C$0.55 for up to 18 months. Early termination conditions similar to the flow-through units apply if the company’s shares meet certain price thresholds during trading.

The proceeds from both the flow-through and non-flow-through units will be utilized primarily for exploration and development work at the Hat project, a core focus for Doubleview Gold. The funds will support crucial elements of the project, such as drilling operations and geological services. The Hat project is a prominent mineral exploration venture located in a region known for its significant resource potential.

Doubleview Gold's ability to secure funding through private placements demonstrates a clear strategy to further its resource exploration goals. The company continues to focus on expanding its exploration portfolio, leveraging these financial resources to advance the Hat project and other initiatives in British Columbia.

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