December 15, 2022
VANCOUVER, BC, December 14, 2022 – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) today announces changes to its proposed brokered offering, previously announced on December 5, 2022, of common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) (“FT Offered Shares“) at a price of $0.90 per share (“FT Offered Price“) and common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) that will be issued as part of a charity arrangement (“Charity Offered Shares” and together with the FT Offered Shares, the “Offered Shares”) at a price of $1.05 per share (“Charity Offered Price” and together with the FT Offered Price, the “Offering Prices”).
The Company and its agents, Research Capital Corporation and Eventus Capital Corp., on behalf of a syndicate of agents, including Haywood Securities Inc. (the “Agents”) have elected to amend the proportion of FT Offered Shares and Charity Offered Shares which may be issued at the Offering Prices on a private placement basis to $18 million (the “Offering”) and to concurrently terminate the Listed Issuer Financing Exemption Offering (the “LIFE Offering”). The securities to be issued under the Offering will be offered by way of applicable prospectus exemptions in accordance with NI 45-106 to “accredited investors” only. All Offered Shares issued pursuant to the Offering will be subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.