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Dolly Varden Announces a $5MM Offering of Common and Flow-Through Shares
Dolly Varden Announces a $5MM Offering of Common and Flow-Through Shares Canada Ne...
About this update from Dolly Varden Silver Corporation
[{"type":"text","content":"\n\n\n\nDolly Varden Announces a $5MM Offering of Common and Flow-Through Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 29, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, Aug. 29, 2017 /CNW/ - Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the \"Company\" or \"Dolly Varden\") is pleased to announce that the Company intends to undertake a private placement financing (the \"Offering\") to raise gross proceeds of up to $5.0 million from the sale of up to: (a) 2,739,726 common shares in the capital of the Company (\"Common Shares\") at a price of $0.73 per share; and (b) up to 3,529,411 Common Shares that qualify as \"flow-through shares\" (\"Flow-Through Shares\"), as defined under the Income Tax Act (Canada), at a price of $0.85 per share.  \n\nThe 2017 exploration program budget has been extended from $3.5 million to $6 million and increased from 5,000 meters to approximately 12,000 metres of diamond drilling. The net proceeds of the Offering will be used for further exploration and mineral resource expansion of the Dolly Varden silver property in northwestern British Columbia, Canada, as well as ongoing working capital for 2017.\n\n\"We are extremely proud of our technical team's efforts to date,\" said Gary Cope, President and CEO of Dolly Varden. \"The success of the current exploration program has more than warranted its continuation and subsequent expansion of its budget. We look forward to unlocking further value from this expanded drilling campaign.\" \n\nIn connection with the Offering, the Company has agreed to pay a finder's fee in respect of those purchasers introduced to the Company by Eventus Capital Corp. (the \"Finder\"). The Finder will receive a cash payment equal to 6% of the gross proceeds received from purchasers under the Offering who were introduced to the Company by the Finder.\n\nThe issuance of the Common Shares, Flow-Through Shares, and payment of the Finder's fee are subj...