Dolly Varden Silver Corp Announces Financing
Dolly Varden Silver Corp announced that it will complete a non-brokered private placement to raise $532,000 through the issue of 2,660,000 flow-through common shares of the Company. The funds will be used to expand the 2013 exploration program on flagship Dolly Varden Silver Property. Accilent Capital Management Inc., Octagon Capital Corp. and Haywood Securities Inc. acted as finders and will be paid a cash commission equal to 8% of the gross proceeds of the financing and will receive finder's warrants equal to 8% of the number the number of shares sold under the Offering. Each Finder's Warrant will be exercisable at $0.20 per share for 24 months from Closing. Pursuant to an agreement between the Company and Hecla Canada Ltd. (see news release dated September 10, 2012), Hecla has the right to maintain its pro rata interest in the Company, currently understood to be approximately 19.9%. Accordingly, Hecla will be offered the opportunity to subscribe for approximately 530,000 common shares of the Company at a price of $0.20 per share.
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