Doubleview Gold Corp (TSX-V:DBG, OTCQB:DBLVF) has closed the first tranche of its non-brokered private placement, raising gross proceeds of C$1.42 million, the company announced on Wednesday.
The exploration firm issued 1,821,182 flow-through units at C$0.55 per unit, generating C$1 million.
Each unit consists of one common share and one-half of a common share purchase warrant. Full warrants entitle holders to acquire additional shares at C$0.65 per share within 24 months, subject to early termination if the underlying shares trade at or above C$0.70 for five consecutive days.
Doubleview also issued 1,092,947 non-flow-through units priced at C$0.38 per unit, raising an additional C$415,320. These units include common shares and warrants, with the right to purchase more shares at C$0.48 for six months, and at C$0.55 for up to 18 months thereafter. Warrants are subject to early termination under similar conditions as the flow-through units.
The proceeds will fund exploration work at Doubleview’s Hat project in northwestern British Columbia, including drilling and geological services.