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Dolly Varden Closes $5.7M Offering of Common and Flow-Through Shares
Dolly Varden Closes $5.7M Offering of Common and Flow-Through Shares Canada NewsWi...
About this update from Dolly Varden Silver Corporation
[{"type":"text","content":"\n\n\n\nDolly Varden Closes $5.7M 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, Sept. 14, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, Sept. 14, 2017 /CNW/ - Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the \"Company\" or \"Dolly Varden\") is pleased to announce that it has completed its private placement financing originally announced on August 29, 2017 (the \"Offering\") to raise gross proceeds of approximately $5.7 million from the sale of: (a) 2,739,726 common shares in the capital of the Company (\"Common Shares\") at a price of $0.73 per share; and (b) 3,529,411 Common Shares that qualify as \"flow-through shares\" (\"Flow-Through Shares\") as defined in the Income Tax Act (Canada) at a price of $0.85 per share.  \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 2017. The 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.\n\nIn connection with the Offering, the Company will pay a finder's fee in respect of those purchasers introduced to the Company by Eventus Capital Corp. (\"Eventus\"). Eventus will receive a cash payment equal to 6% of the gross proceeds received from purchasers under the Offering who were introduced by Eventus, for a total of approximately $299,387.96.\n\nThe Common Shares and Flow-Through Shares issued under the Offering are subject to a statutory hold period which expires on January 15, 2018.  A total of 44,617,729 Common Shares are outstanding following the closing of the Offering. \n\nIn connection with the Offering, Hecla Canada Ltd. (\"Hecla\") has exercised its pre-emptive right under the Ancillary Rights Agreement dated September 4, 2012 ...