TSX Venture Exchange: DVV
Frankfurt Stock Exchange: DV1
VANCOUVER, July 24, 2012 /PRNewswire/ - Driven Capital Corp. (TSXV: DVV) (FSE: DV1) ("Driven" or the "Company") has arranged a non-brokered private placement to raise up to $720,000 in gross proceeds through the sale of up to 12,000,000 units at $0.06 per unit.
Each unit will consist of one common share and one non-transferrable share purchase warrant entitling its holder to purchase one additional common share for five years following the closing date of the private placement, at a price of $0.12 per share for the first year, $0.18 for the second year, $0.24 for the third year, and $0.30 for the fourth year and $0.36 for the fifth year.
Finder's fees may be payable in connection with the private placement as permitted under the policies of the TSX Venture Exchange (the "Exchange").
Driven intends to utilize the net proceeds of the private placement to continue mineral exploration on its three projects, and for general corporate purposes.
The offering is anticipated to close on or about July 31, 2012 and is subject to the receipt of applicable regulatory approvals. The securities issued by the Company pursuant to the offering will be subject to a four-month hold period as prescribed by the Exchange and applicable securities laws.
Driven Capital Corp. is deploying its accomplished technical and management team toward the exploration of its portfolio of highly prospective precious metals projects in the Yukon and British Columbia.
On Behalf of the Board of Directors of Driven Capital Corp.
Toma Sojonky, President & CEO
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. 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.
SOURCE Driven Capital Corp.