Driven Capital Arranges $2.1 Million Private Placement of Units and Flow-Through Units
14 November 2011 - 7:12PM
Marketwired
Driven Capital Corp. (TSX VENTURE:DVV) ("Driven" or the "Company")
is pleased to report that it has arranged non-brokered private
placements to sell up to 6,000,000 "Units" of the Company at a
price of $0.15 per Unit, and up to 6,000,000 "Flow-Through Units"
of the Company at a price of $0.20 per Flow-Through Unit, for
aggregate gross proceeds of up to $2,100,000 (together, the
"Offering").
Each Unit shall consist of one common share in the Company, and
one common share purchase warrant of the Company (a "Warrant")
exercisable for a period of 24 months from the closing date. Each
Warrant shall be exercisable into one common share of the Company
at an exercise price of $0.25 per share in the first year and $0.35
per share in the second year.
Each Flow-Through Unit shall consist of one common share in the
Company issuable on a "flow-through" basis pursuant to the Income
Tax Act (Canada), and one half common share purchase warrant of the
Company (each whole warrant, a "Flow-Through Warrant") exercisable
for a period of 24 months from the closing date. Each Flow-Through
Warrant shall be exercisable into one, non-flow-through common
share of the Company at an exercise price of $0.30 per share.
Driven intends to use the net proceeds of the Offering to
conduct exploration on the Company's projects and for general
working capital purposes; with use of the net proceeds raised by
the sale of the Flow-Through Units being limited exclusively to
exploration purposes.
Finder's fees may be payable in connection with the Offering as
permitted under the policies of the TSX Venture Exchange (the
"Exchange"). In anticipation of the holiday season, the Offering is
planned to close on Friday December 16, 2011 and is subject to
receipt of applicable regulatory approvals. The securities issued
by Driven in connection with the Offering will be subject to a
four-month hold period as prescribed by the Exchange and applicable
securities laws.
Driven is a publicly traded exploration company focused on the
discovery of high-value precious metals deposits in North America.
Please visit our web site at www.DrivenCapital.ca for more
information.
On Behalf of the Board of Directors of Driven Capital Corp.,
Toma Sojonky, President & CEO
Cautionary Statement Regarding Forward-Looking Information: All
statements, trend analysis and other information contained in this
press release relative to markets about anticipated future events
or results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. Forward-looking statements are subject to
business and economic risks and uncertainties and other factors
that could cause actual results of operations to differ materially
from those contained in the forward-looking statements.
Forward-looking statements are based on estimates and opinions of
management at the date the statements are made. The Company does
not undertake any obligation to update forward-looking statements
even if circumstances or management's estimates or opinions should
change. Investors should not place undue reliance on
forward-looking statements.
Neither the 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.
Contacts: Driven Capital Corp. Toma Sojonky President & CEO
(604) 569-0799www.DrivenCapital.ca
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