Business & Finance
Business and Finance
Business and Finance
Wed, February 1, 2012
Tue, January 31, 2012 Driven Capital Closes Tranche 2 of Oversubscribed Private Placement
January 31, 2012 16:14 ET
Driven Capital Closes Tranche 2 of Oversubscribed Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2012) -Driven Capital Corp. (TSX VENTURE:DVV) ("Driven" or the "Company") has received approval for, and closed, the second and final tranche of the non-brokered private placement referenced in the Company's news release dated December 9, 2011.
The tranche consisted of 5,680,000 Units sold for gross proceeds of $568,000. In accordance with the policies of the TSX Venture Exchange (the "Exchange"), finder's fees of $51,800 were paid and 414,000 finder's warrants were issued in connection with the tranche. Each non-transferrable finder's warrant entitles its holder to acquire one common share of the Company for 24 months following the closing date of the tranche, at a price of $0.15 for the first 12 months and $0.20 for the ensuing 12 months.
The securities issued by the Company pursuant to this tranche of the offering are subject to a four-month hold period from the tranche's closing date, as prescribed by the Exchange and applicable securities laws.
The overall offering consisted of two tranches in which an aggregate of 11,970,000 Units were sold for gross proceeds of $1,197,000 (increased from $900,000).
Driven is a publicly traded exploration company focused on the discovery of high-value precious metals deposits in North America. Please visit [ 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.
