Dolly Varden Silver - VP Exploration, Rob Van Egmond.
VP Exploration, Rob Van Egmond.
Source: Dolly Varden Silver.
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  • Dolly Varden Silver Corporation (DV) has closed its brokered private placement for gross proceeds of approximately $20.7 million
  • The company also received $1.9 million from Hecla Canada Ltd. to maintain its 10.21 per cent ownership
  • The company issued 5,634,516 flow-through common shares, 14,884,700 charity flow-through common shares and 2,334,114 non-flow-through common shares to Hecla Canada Ltd.
  • Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its Kitsault Valley Projects
  • Dolly Varden Silver Corporation (DV) is down 2.44 per cent on the day, trading at C$0.80 per share at 12 pm ET

Dolly Varden Silver (DV) has closed its previously announced brokered private placement for gross proceeds of approximately $20.7 million.

The agent’s over-allotment option was fully exercised. The company also received $1.9 million from Hecla Canada Ltd.’s pro-rata participation to maintain its 10.21 per cent ownership for gross proceeds of $22.6 million.

The company issued 5,634,516 flow-through common shares at a price of $0.90 per FT share, 14,884,700 charity flow-through common shares at a price of $1.05 per charity flow-through share and 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. In connection with the offering, the agents received a total cash fee of $1,191,600, and REDPLUG Inc. received a cash finder’s fee of $50,400.

CEO Shawn Khunkhun commented on the company’s success in 2022.

“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 and 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 exist and new shareholders who have provided us with the capital to continue to unlock the potential of the Kitsault Valley.” 

The gross proceeds will be used for further exploration, mineral resource expansion and drilling in Kitsault Valley, located in northwestern BC, and working capital.

All securities issued are subject to a statutory hold period in Canada, expiring on April 23, 2022.

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its Kitsault Valley Projects in the Golden Triangle of British Columbia.

Dolly Varden Silver Corporation (DV) is down 2.44 per cent on the day, trading at C$0.80 per share at 12 pm ET.


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