Doubleview Gold Corp (TSX-V:DBG, OTCQB:DBLVF) said it has closed the second tranche of its non-brokered flow-through (FT) and non-flow-through (NFT) private placement for gross proceeds of $2,009,250.
New York-based hedge funds and family offices account for nearly $2.0 million of the proceeds from the second tranche.
Combined with the first tranche as announced on June 21, 2022, the company has raised a total of $2,527,241.20 - $558,991.20 for the flow-through (FT) portion and $1,968,250 for the non-flow-through (NFT) portion. The company said it has not paid any commission or finder's fee in connection with this financing.
Under the second tranche, Doubleview will issue a total of 220,000 FT units at a price of 30 cents per FT unit for total gross proceeds of $66,000.
READ: Doubleview Gold puts logistical pieces in place ahead of a 2022 exploration program at its Hat property in British Columbia
Each FT unit consists of one common share issued as a FT common share and one share purchase warrant, with each warrant exercisable for one common share at 33 cents per share for a period of two years from the date of issue.
As part of the second tranche close, the company will also issue 7,773,000 NFT units at a price of 25 cents per NFT unit for total proceeds of $1,943,250.
Each NFT unit consists of one common share and one share purchase warrant, each warrant exercisable for an additional common share at 31 cents per share for a period of two years from the date of issue.
The aggregate gross proceeds of $558,991.20 from the sale of the FT offering will be used for contribution to and maintenance of the company's exploration work on its projects, particularly for the Hat project. While the aggregate gross proceeds from the sale of the NFT offering will be used for legal, accounting and general administrative costs.
Under the policies of the TSX Venture Exchange, all shares issued in this tranche and any shares issued under the exercise of the warrants are subject to a hold period expiring November 6, 2022.
The closing of the offering is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange.
The company said it may continue raising funds under this non-brokered private placement.
Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. The company's portfolio of strategic properties provides diversification and mitigates investment risk.
Contact the author at jon.hopkins@proactiveinvestors.com