olly Varden Silver Corporation (TSXV:DV, OTCBB:DOLLF) announced that they have received an investment of $2,711,646 from the Hecla Mining Compnay
Dolly Varden Silver Corporation (TSXV:DV, OTCBB:DOLLF) announced that they have received an investment of $2,711,646 from the Hecla Mining Company.
As quoted in the press release:
This financing, in part, replaces the 10,000,000 shares traded in the transaction announced on February 27, 2013. Subsequent to this financing, Hecla owns 26,202,919 shares of Dolly Varden for a 19.94% interest in the Company. All of the securities issued pursuant to the private placement are subject to a four month hold period expiring on August 18, 2013.
Dolly Varden’s Chairman, John King Burns, said:
We are very pleased to see Hecla Mining Company, our strategic partner and investor, continue its support of Dolly Varden Silver Corporation. Their substantial ongoing investment in Dolly Varden and their strategic assistance is a testament to the experienced team we’ve assembled and the prospects of our Dolly Varden property. We look forward to advancing our drilling and infrastructure program this spring and summer with the goal of defining a high-grade silver resource on our existing four deposits, and identifying an Eskay Creek-type VMS deposit at our Red Point target, just northwest of our existing mines.