Company sells 20 million shares at C$0.16 each to Hecla subsidiary
By Toni Weeks
San Diego, Aug. 21 - Dolly Varden Silver Corp. said it negotiated a C$3.2 million private placement of shares with a wholly owned subsidiary of Hecla Mining Co.
The company will sell 20 million common shares at C$0.16 per share, which is equal to the 20-day volume-weighted average trading price of the shares at pricing. The per-share price is a 15.79% discount to the closing share price of C$0.19 on Aug. 20.
Proceeds will be used to advance the exploration and development of the company's silver project in British Columbia.
Based in Vancouver, B.C., Dolly Varden is a mineral explorer focused on the development of the Dolly Varden Silver Mines property in northwestern British Columbia.
| Issuer: | Dolly Varden Silver Corp.
|
| Issue: | Common shares
|
| Amount: | C$3.2 million
|
| Shares: | 20 million
|
| Price: | C$0.16
|
| Warrants: | No
|
| Investor: | Hecla Mining Co. subsidiary
|
| Pricing date: | Aug. 21
|
| Stock symbol: | TSX: DV
|
| Stock price: | C$0.19 at close Aug. 20
|
| Market capitalization: | C$14.45 million
|
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