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Dolly Varden raising up to C$6M to repay C$2.5M short-term loan

Dolly VardenSilver Corp. said July 5 that it intends to undertake a privateplacement financing to raise gross proceeds of up to C$6 million.

The company will issue 7,258,064 common shares at 62 cents apieceas well as up to 2,142,857 flow-through shares at 70 cents each.

Dolly Varden noted that the net proceeds will be used torepay the C$2.5 millionloan from Sprott Resource Lending Partnership, an additional Sprottaffiliate and The K2 Principal Fund LP, eliminating all company debt.

Most of the remaining proceeds will be put toward theexploration of the company's namesake silver property in British Columbia. The restof the funds will be used for working capital purposes.  

Responding to Hecla Mining Co.'s takeover bid for Dolly Varden, the latter's director,interim president and CEO, Rosie Moore said the company is unaware of anyformal Hecla offer to Dolly Varden's shareholders but is prepared to evaluatean offer, if one is put forward.