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Dolly Varden closes $3.7m tranche of offering of flow-through shares
Dolly Varden closes $3.7m tranche of offering of flow-through shares Canada NewsWi...
About this update from Dolly Varden Silver Corporation
[{"type":"text","content":"\n\n\n\nDolly Varden closes $3.7m tranche of offering of 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. 24, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, Aug. 24, 2018 /CNW/ - Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the \"Company\" or \"Dolly Varden\") is pleased to announce that it has closed the first tranche of $3.7 million (\"Tranche 1\") of its private placement financing (the \"Offering\") to raise gross proceeds of approximately $4.2 million, originally announced on August 7, 2018 and increased on August 9, 2018. The Offering consists of the sale of up to 7,636,363 common shares in the capital of the Company that qualify as \"flow-through shares\" (\"Flow-Through Shares\") as defined in the Income Tax Act (Canada), at a price of $0.55 per share.  A total of 6,727,636 Flow-Through Shares were issued to subscribers under Tranche 1.\n\nThe 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 2018. The 2018 exploration program budget is $8.9 million and approximately 25,000 metres of diamond drilling.\n\nIn connection with the Offering, the Company will pay a finders' fee in respect of those purchasers introduced to the Company by Eventus Capital Corp. (\"Eventus\"), PI Financial Corp. (\"PI\"), and Industrial Alliance Securities Inc. (\"IA\"). Eventus will receive a cash payment equal to 6% of the gross proceeds received from purchasers under Tranche 1 who were introduced by Eventus, for a total of approximately $196,272. PI will receive a cash payment equal to 6% of the gross proceeds received from purchasers under Tranche 1 who were introduced by PI, for a total of approximately $23,915. IA will receive a cash payment equal to 6% of the gross proceeds received from purchasers under Tranche 1 who were introduc...