/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
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VANCOUVER, May 10, 2019 /CNW/ - Dolly Varden Silver
Corporation (TSXV: "DV" – OTCBB: "DOLLF") (the "Company", or "Dolly
Varden") announces that it has approved the re-pricing of
a total of 3,250,000 stock options of the Company to purchase
common shares (the "Re-Priced Options") to an amended exercise
price of C$0.40 per share (the
"Re-Pricing"). All other terms of the Re-Priced Options remain
unchanged. The Re-Pricing is subject to the approval of the TSX
Venture Exchange ("TSX-V").
In accordance with Policy 4.4 of the TSX-V Corporate Finance
Manual (the "TSX-V Manual"), the Company will seek disinterested
shareholder approval ("Disinterested Shareholder Approval") for the
Re-Pricing of 2,375,000 of the Re-Priced Options, which are held by
Insiders (as such term is defined in the TSX-V Manual) of the
Company (the "Insider Options"), at the annual general meeting of
the Company to be held on June 20,
2019 (the "Meeting"). Additional information on the
Re-Pricing of the Insider Options will be included in the
management information circular of the Company that will be mailed
to shareholders in connection with the Meeting. None of the
Re-Priced Options may be exercised at the revised price until the
Company obtains the approval of the TSX-V and, with respect to the
Insider Options, Disinterested Shareholder Approval.
The board of directors of the Company determined to re-price the
Re-Priced Options because the current trading price of the common
shares of the Company on the TSX-V is considerably lower than the
current exercise price of the Re-Priced Options. Accordingly, the
board was of the view that the Re-Priced Options had little or no
value or incentive for the holders thereof.
About Dolly Varden
Dolly Varden is a mineral
exploration company focused on exploration in northwestern
British Columbia. Dolly Varden has two projects, the namesake
Dolly Varden silver property and the
nearby Big Bulk copper-gold property. Since December 2016, Dolly
Varden has been under the direction of management provided
by the experienced Belcarra Group Management Ltd. ("Belcarra
Group"). Belcarra Group is comprised of highly qualified mining and
financial professionals. Dolly
Varden is also a member of the British Columbia Regional
Mining Alliance ("BCRMA"), a cooperative effort between First
Nations, Industry and the BC Provincial Government, to promote
mining activities and investment in the northwestern region.
Additional information about the Company and its activities may be
found on the Company's website www.dollyvardensilver.com and under
the Company's profile at www.sedar.com.
FORWARD-LOOKING STATEMENTS:
This release may contain forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of Dolly Varden to be materially different from any
future results, performance, or achievements expressed or implied
by the forward-looking statements. Forward looking statements or
information relates to, among other things, the Re-Pricing and the
receipt of TSX-V and Disinterested Shareholder Approval with
respect thereof. These forward-looking statements are based on
management's current expectations and beliefs but given the
uncertainties, assumptions and risks, readers are cautioned not to
place undue reliance on such forward-looking statements or
information. The Company disclaims any obligation to update, or to
publicly announce, any such statements, events or developments
except as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this news
release.
SOURCE Dolly Varden Silver Corp.
