DV Upsized $25M Financing from Yesterday to $28M Today Today, Dolly Varden Silver (DV.v DOLLF) announced the upsizing of the bought deal financing announced yesterday, to $28 million, with participation by Eric Sprott.
The financing includes the sale of 10 million common shares at $1.00 each, raising $10 million, and 14.4 million flow-through shares at $1.25 each, raising $18 million.
The first tranche is expected to close around September 4, 2024, with a second tranche in mid-September, pending regulatory approvals.
The proceeds will be used for working capital and exploration activities in British Columbia, including at DV's Kitsault Valley Project
A High-Grade Silver Opportunity in Top Jurisdiction
Spanning 163 square kilometers, the Kitsault Valley Project has attracted significant insider investment from Eric Sprott due to its high-grade silver and gold resources.
Located in British Colombia's Golden Triangle, an area that has seen over $5 billion in mergers and acquisitions since 2018, the project has 34.7 million ounces of silver and 166,000 ounces of gold in indicated resources, with an additional 29.3 million ounces of silver and 816,700 ounces of gold inferred.
DV's 2024 drilling program aims to build on the high-grade mineralization found in 2023, with strong backing from major shareholders like Fury Gold Mines (19% ownership), Hecla Mining (15% ownership), and institutional investors (48% ownership) which significantly reduces the risk for retail investors.
The current drilling program includes the mobilization of three rigs and an initial plan to drill 25,000 meters, focusing on the Homestake Silver and Wolf Deposits while also pursuing new discoveries.
Most recently, DV returned 1,091g/t silver over 9.38m from the Wolf Vein step out, as part of DV's strategy to explore a mineralized plunge that appears to be expanding with depth.
Having increased its precious metal inventory 300% in the last four years, DV sees significant growth potential in unexplored areas of the property with three assays pending from three additional "daughter" holes.
Trading at about $1.80 an ounce in the ground, compared to the average company trading at about $4 an ounce, DV is at a lower valuation compared to industry averages, with expectations for a revaluation if high-grade silver continues to be discovered.
Full News Release: https://www.globenewswire.com/news-release/2024/08/20/2932906/0/en/Dolly-Varden-Silver-Announces-Upsize-of-Bought-Deal-Financing-to-28-Million-With-Participation-by-Eric-Sprott.html
Posted on Behalf of Dolly Varden Silver Corp.