Dolly Varden Silver Announces $18 Million Flow-Through Brokered Financing

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VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the "Company" or "Dolly Varden") is pleased to announce that the Company has entered into an agreement with Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents (collectively, the "Agents") in connection with a brokered private placement financing (the "Offering") to raise gross proceeds of up to $18 million from the sale of: (i) common shares of the Company that qualify as "flow-through shares" as defined under the Income Tax Act (Canada) (the "FT Offered Shares") at a price of $0.90 per share ("FT Offered Price"); and (ii) 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 (the "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”). A portion of the Offering (the “LIFE Offering”) of up to 9,523,809 Charity Offered Shares will be offered via the Listed Issuer Financing Exemption (as defined below).