HECLA PARTICIPATES IN THE FINANCING OF DOLLY VARDEN SILVER CORPORATION
/DO NOT DISTRIBUTE TO
Prior to entering into the subscription agreement, Hecla held 13,869,729 shares representing 10.59% of the shares and 940,948 warrants to acquire additional shares. Following completion of the subscription and issuance of Shares to Fury, Hecla will hold 22,918,268 Shares, representing 10.58% of the 216,565,990 Shares (calculated on a non-diluted basis), and 940,948 warrants. Assuming the exercise of only the warrants held by Hecla (and the issuance of shares to Fury), Hecla is deemed to own 23,859,216 shares representing 10.97% of the shares on a partially diluted basis. The change in Hecla’s percentage ownership is therefore a decrease of 0.01% on an undiluted basis and 0.25% on a partially diluted basis.
The shares will be acquired for investment purposes by Hecla. Hecla does not currently intend to acquire ownership or control of additional securities of Dolly Varden. Hecla intends to assess its investment in Dolly Varden on an ongoing basis and these holdings may be increased or decreased in the future.
For the purposes of National Instrument 62-103, Hecla’s address is
Founded in 1891,
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