Dolly Varden Silver Corporation (TSX VENTURE:DV)(OTCBB:DOLLF) is pleased to announce that its strategic investor Hecla Mining Company, through a wholly-owned subsidiary, has exercised its pre-emptive right to maintain its 19.94% interest in Dolly Varden and acquired 15,064,700 shares of the Company at a price of $0.18 per share, for gross proceeds of $2,711,646.
This financing, in part, replaces the 10,000,000 shares traded in the transaction announced on February 27, 2013. Subsequent to this financing, Hecla owns 26,202,919 shares of Dolly Varden for a 19.94% interest in the Company. All of the securities issued pursuant to the private placement are subject to a four month hold period expiring on August 18, 2013.
No additional finder’s fees were paid for this final tranche of the financing, announced on February 12, 2012. Any finder’s fees associated with this tranche were paid in advance, on the closing of the first tranche, announced on March 20, 2013.
Mr. John King Burns, Chairman of the Company, states that, “We are very pleased to see Hecla Mining Company, our strategic partner and investor, continue its support of Dolly Varden Silver Corporation. Their substantial ongoing investment in Dolly Varden and their strategic assistance is a testament to the experienced team we’ve assembled and the prospects of our Dolly Varden property. We look forward to advancing our drilling and infrastructure program this spring and summer with the goal of defining a high-grade silver resource on our existing four deposits, and identifying an Eskay Creek-type VMS deposit at our Red Point target, just northwest of our existing mines.”
About Dolly Varden
Dolly Varden Silver Corporation is a Canadian-based mineral exploration company focused on the exploration and development of the 100% owned, historic Dolly Varden silver and gold property located in northwestern British Columbia. The Dolly Varden silver property consists of 9,400 hectares which includes four well-defined high grade silver deposits, two of which have seen historic production totaling 20 million ounces of silver. All four deposits have remaining historic mineral resources and are situated in the same geologic setting as the past-producing Eskay Creek gold-silver-rich VMS deposit. The Company has two strategies for creating value at the Dolly Varden silver project: to confirm the historic silver resources with the goal to re-start the mining of historic deposits and to explore a major, untested Eskay Creek-type gold and silver rich VMS target, located northwest of the past producing mines.
The Company’s common shares are listed and traded on the TSX-V under the symbol DV and in the U.S. under the symbol DOLLF.
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