Business
Dolly Varden Announces Strategic Investment by Eric Sprott Increasing His Holdings to 19.9%
Dolly Varden Announces Strategic Investment by Eric Sprott Increasing His Holdings to 19.9...
About this update from Dolly Varden Silver Corporation
[{"type":"text","content":"\n\n\n\nDolly Varden Announces Strategic Investment by Eric Sprott Increasing His Holdings to 19.9%\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, May 19, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, May 19, 2020 /CNW/ - Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the \"Company\" or \"Dolly Varden\") is pleased to announce its plans to undertake a private placement financing (the \"Offering\") to a single subscriber, Mr. Eric Sprott, to raise gross proceeds of up to CAD$2.3-million from the sale of up to 7 million common shares of the Company at a price of $0.33 per share that qualify as \"flow-through shares\", as defined under the Income Tax Act (Canada). \n\n \n \n \n \n \n \n\n \n\"With so many investment choices available, we are pleased that Eric Sprott will be taking a substantial position in Dolly Varden by increasing his strategic investment to 19.9%. This is a strong endorsement of our current high-grade silver resource and the substantial growth potential of our assets in the prolific Golden Triangle of British Columbia. With Eric's investment, we are in a very strong cash position of just under CAD$6 million that will allow the Company to continue expanding its silver mineral resource with new high-grade silver discoveries on the property,\" commented Shawn Khunkhun, Chief Executive Officer of Dolly Varden.\nThe Company has agreed to pay a finder's fee in respect of the single subscriber under the Offering. The finder will receive non flow-through common shares in the Company equal to 6 per cent of the gross proceeds received from the investor.\nThe issuance of the flow-through shares under the Offering and non flow-through shares as a finder's fee are subject to the approval of the TSX Venture Exchange, receipt of any other required regulatory approvals and other customary closing conditions. Closing of the Offering is anticipated to occur on or about June 5th, 2020. Securities issued under t...