Dv Resources Executes a Property Sales Agreement and Undertakes Private Placement Financing
DV RESOURCES LTD.
1710 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2L3 Telephone: (604) 640-6357 Fax: (604) 681-0139
NEWS RELEASE
April 30, 2014 TSXV Symbol - DLV
DV RESOURCES EXECUTES A PROPERTY SALES AGREEMENT AND UNDERTAKES PRIVATE PLACEMENT FINANCING
DV Resources Inc. (the “Company”) has signed an agreement dated April 22, 2014 providing for the sale, for $70,000 in cash, of its 50% interest in 25 sections of Alberta oil and gas leases. As the sale will be to a company owned by the Estate (“Estate”) of the Company’s late President, Frederick Christensen, and is therefore not considered to be arm’s-length, the transaction will be subject to its acceptance for filing by the TSX Venture Exchange (“Exchange”) and shareholder approval. The transaction will be submitted for approval to the general meeting of shareholders which is scheduled to be held June 11, 2014.
The Company is embarking on the sale of 3,000,000 Units at a price of $0.05 per Unit to raise funding of $150,000. Each Unit will be comprised of one share of the Company and one share purchase warrant which will be exercisable for one year to purchase one additional share of the Company for $0.10. The private placements will be subject to acceptance for filing by the Exchange.
The Company has also been made aware that the Estate has agreed to sell to a group of investors the 27,000,000 shares of the Company which it directly and indirectly owns (being 90.00% of the issued shares of the Company). It has been informally agreed that when the new group completes the purchase, two of the Company’s Directors will resign and two persons nominated by the group will be appointed to the Company’s Board.
DV RESOURCES LTD.
Clinton Smyth, President
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 News Release.
\\tjy.local\DomainProfiles\Folders\Carl Jonsson\Documents\D\DV Resources\Rel\2010 ff\April 30-14-final.docx