Proceeds fund development of the Dolly Varden property, amalgamation
By Devika Patel
Knoxville, Tenn., Sept. 2 - Twin Glacier Resources Ltd. said it has arranged a C$10 million non-brokered private placement of stock with Dolly Varden Silver Ltd. The two companies announced on June 13 that they plan to amalgamate to form a new company to be called Dolly Varden Silver Corp.
The companies will sell common shares of Dolly Varden at C$0.25 per share and flow-through common shares of Dolly Varden or Twin Glacier, which will be sold at C$0.40 per share.
The prices per share are 257.14% and 471.43% premiums to Twin Glacier's closing share price on Sept. 1, C$0.07.
Proceeds will be used for development of the Dolly Varden property, to complete the amalgamation of Twin and Dolly Varden and for general working capital purposes.
Based in Vancouver, B.C., Twin Glacier explores for copper, gold, silver, lead and zinc ores.
Issuer: | Twin Glacier Resources Ltd./Dolly Varden Silver Ltd.
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Issue: | Common shares, flow-through common shares
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Amount: | C$10 million
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Sept. 2
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Stock symbol: | CNSX: TEL
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Stock price: | C$0.07 at close Sept. 1
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Common shares
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Price: | C$0.25
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Flow-through shares
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Price: | C$0.40
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