Dolly Varden Silver Corp Announces $15,000,000 Private Placement


Tuesday, 12 Feb 2013 08:13pm EST 

Dolly Varden Silver Corp announced that it will proceed with a non-brokered private placement of up to 83,333,333 common shares at a price of $0.18 per common share for total proceeds of up to $15,000,000. The Offering is anticipated to be completed in multiple closings. The Net Proceeds of the Offering will be used for general Working Capital and for Work Programs on the Company's Dolly Varden Project, British Columbia. Depending on the results of the Company's financing activities, work will progress with a first priority of establishing year-round access to the known silver deposits of the Upper Kitsault valley, followed by staged underground development and testing work. Available Net Proceeds of $12 million for field exploration will permit a full program. Lesser funding will result in reduced diamond drilling. 

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