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Dolly Varden Silver Announces Closing of $22.6 Million Private Placement with Participation by Hecla Mining
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2022) - Dolly Varden Silver Corporati...
About this update from Dolly Varden Silver Corporation
[{"type":"text","content":"Dolly Varden Silver Announces Closing of $22.6 Million Private Placement with Participation by Hecla MiningVancouver, British Columbia--(Newsfile Corp. - December 22, 2022) - Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the \"Company\" or \"Dolly Varden\") is pleased to announce that it has closed its previously announced brokered private placement offering (the \"Offering\") for gross proceeds of approximately $20.7 million, including the full exercise of the agents' option, and also received $1.9 million from Hecla Canada Ltd.'s pro-rata participation to maintain its 10.21% ownership on a fully diluted basis, for aggregate gross proceeds of $22.6 million to the Company. The Company issued: (i) 5,634,516 common shares of the Company that qualify as \"flow-through shares\" as defined under the Income Tax Act (Canada) (the \"FT Offered Shares\") at a price of $0.90 per FT Offered Share; (ii) 14,884,700 common shares of the Company that qualify as \"flow-through shares\" as defined under the Income Tax Act (Canada) that will be issued as part of a charity arrangement (the \"Charity Offered Shares\" and together with the FT Offered Shares, the \"Offered Shares\") at a price of $1.05 per Charity Offered Share; and (iii) 2,334,114 non flow-through common shares to Hecla Canada Ltd.The Offering was led by Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents, including Haywood Securities Inc. (collectively, the \"Agents\").\"2022 has been the most successful year to date in the history of Dolly Varden Silver. By consolidating seven high-grade silver and gold deposits and historic mines with potential development synergies as well as exploration upside, we have created a preeminent silver gold company within an accessible and stable region of BC's prolific Golden Triangle. Drill results received and released to date have exceeded expectations and we eagerly await the remaining 50 drill holes from our 2022 exploration season. We are grateful to existing and new shareholders who have provided us with the capital to continue to unlock the potential of the Kitsault Valley,\" commented Shawn Khunkhun, Chief Executive Officer of the Company.The gross proceeds of the Offering will be used for further exploration, mineral resource expansion and drilling...