11:59 AM EDT, 09/14/2017 (MT Newswires) -- Dolly Varden Silver Corporation (DV.V) has completed its private placement financing originally announced on August 29, 2017 to raise gross proceeds of approximately $5.7 million.

The net proceeds of the Offering will be used for further exploration and mineral resource expansion of the Dolly Varden silver property in northwestern British Columbia as well as ongoing working capital for 2017. The 2017 exploration program budget has been extended from $3.5 million to $6 million and increased from 5,000 meters to approximately 12,000 metres of diamond drilling.

In connection with the Offering, Hecla Canada Ltd. exercised its pre-emptive right under the Ancillary Rights Agreement dated September 4, 2012 between the Company and Hecla to maintain its ownership interest in the Company. Hecla has subscribed for 1 million Common Shares at $0.73 per share for additional gross proceeds to the Company of $730,000.

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