Hecla Mining Company HL announced today that a wholly owned subsidiary
of Hecla has entered into a subscription agreement to acquire 20,000,000
common shares of Dolly Varden Silver Corporation. Subject to receipt of
approval by the TSX Venture Exchange, the common shares will be issued to the
wholly owned subsidiary of Hecla from treasury at a price of $0.16 per common
share for total gross proceeds to Dolly Varden of $3,200,000. Upon completion
of the transactions contemplated by the subscription agreement, the 20,000,000
common shares will represent and Hecla will exercise control over 19.9% of the
outstanding common shares of Dolly Varden. In addition, Hecla has the right to
appoint one representative to the Board of Directors of Dolly Varden Silver
Corporation and will be providing technical assistance to the company.
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