The company said it has entered into an agreement for a further strategic investment by Hecla Canada whereby Hecla has agreed to subscribe for 15,384,616 common shares of the company at a price of $0.65 per common share for gross proceeds of $10 million.
Dolly Varden said that $6 million of the net proceeds from the offering will be used for exploration expenditures, mineral resource expansion and related costs in the Kitsault Valley project, located in northwestern British Columbia, Canada, with the balanced to be used for working capital and G&A costs.
“We celebrate Hecla agreeing to increase their stake in Dolly from 10% to 15% and want to extend our gratitude for their financial and technical support of the company and the project.”
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