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Dolly Varden Closes Final Tranche of Offering of Flow-Through Shares
Dolly Varden Closes Final 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 Final 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, Sept. 28, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Sept. 28, 2018 /CNW/ - Dolly Varden Silver Corporation (TSXV: DV) (the \"Company\" or \"Dolly Varden\") is pleased to announce that it has closed the final tranche of $500,500 (\"Tranche 2\") 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 consisted of the sale of 7,637,636 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 910,000 Flow-Through Shares were issued to subscribers under Tranche 2.\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.\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 Tranche 2 who were introduced by Eventus, for a total of approximately $30,000. \nThe Flow-Through Shares issued pursuant to the closing of Tranche 2 are subject to a statutory hold period which expires in four months and one day.  A total of 56,122,404 Common shares of the Company are outstanding following closing of Tranche 2. \nAbout Dolly Varden Silver Corporation - Dolly Varden is a mineral exploration company focused on the exploration of the Dolly Varden silver property locat...