VANCOUVER, Feb. 18, 2020 /CNW/ - Dolly Varden Silver
Corporation (TSX.V: DV | U.S.: DOLLF) (the
"Company" or "Dolly Varden") is pleased to announce
that it has appointed Shawn Khunkhun
as President, CEO, and Director, and has appointed Robert McLeod as a Director and technical
advisor, both effective February 18,
2020. Gary Cope has resigned
from his position as President and Director which he has held since
December 2016 in order to focus on
other business interests. We thank Gary, and the Belcarra team, for their service in defining
the geological potential of the Dolly Varden mineral assets over
the past 3 years.
![Dolly Varden Silver Corp. (CNW Group/Dolly Varden Silver Corp.) Dolly Varden Silver Corp. (CNW Group/Dolly Varden Silver Corp.)](https://mma.prnewswire.com/media/1091032/Dolly_Varden_Silver_Corp__Dolly_Varden_Appoints_New_CEO_and_Adds.jpg)
Mr. Khunkhun has over fifteen years of experience in the capital
markets, mineral exploration and development sector with a focus on
enhancing shareholder value. He has served in a variety of
strategic roles including Investor Relations, Corporate
Development, CEO, and Director. Shawn has been instrumental in
creating a new awareness for undervalued companies including grass
roots explorers, developers and producers. Shawn's experience in
incubating and growing early stage companies through capital
raises, acquisitions, joint-ventures and spin outs and his
long-standing relationships with an extensive global network of
high net worth investors, private equity and institutional
investors, analysts, brokers, and investment bankers has been a
valuable asset to growing mineral exploration companies.
Mr. McLeod is a professional geoscientist with over twenty-five
years of experience in mineral exploration and mining, working for
a variety of major and junior mining and exploration companies. He
was most recently President and CEO of IDM Mining Ltd., that
recently combined with Ascot Resources Ltd. Born and raised
in Stewart B.C., he is a
third-generation miner and explorer with significant exploration
and development experience. Previously, he was a founder and VP
Exploration of Underworld Resources that was acquired by Kinross
Gold Corporation for $140M after an
initial resource estimate of over 1.4Moz gold at the White Gold
deposit in the Yukon. He is a
highly technical, creative and innovative exploration geologist
with an ability to advance and monetize the full potential of
projects to the advantage of shareholders. He is a graduate of
Geology from the University of British
Columbia, with a M.Sc. in Mineral Exploration from Queens
University. He is an active volunteer in the mining industry,
as Vice-Chair of AME-BC, and as a director of the Britannia Mine
Museum.
"The Board of Directors is excited to take Dolly Varden to the
next stage of its development through the experience and leadership
of both Shawn Khunkhun and Rob
McLeod. We believe that Dolly has an undervalued mineral
asset, and with this new management team has the potential to
communicate and enhance its true value. This management change is
the next step in further building accretive value for Dolly Varden
shareholders." commented the Dolly Varden Board.
In connection with the appointment of Mr. Khunkhun as President
and CEO, the following officers from the Belcarra Group will step
down from their roles: Carla
Hartzenberg, CFO, Alex
Tsakumis, VP Corporate Development, and Ben Whiting, VP Exploration. These
officers, other than Ms. Hartzenberg who will remain in her
position as CFO until April 30, 2020,
will step down from their roles effective February 29, 2020. The Company, with the
assistance of the Board and the Compensation Committee, is in the
process of identifying and engaging qualified candidates to fill
these roles.
In association with recent director and executive appointments,
the Company granted a total of 2,500,000 stock options
to purchase common shares of the Company, each of which entitles
the holder to purchase one common share at a price of $0.25 per common share for a period of 5 years.
1,000,000 of these stock options are subject to being earned out
based on performance criteria over a two-year period with the
balance vesting quarterly over a two-year period. The grant
of stock options was made in accordance with the Company's stock
option plan and is subject to TSX Venture Exchange ("TSXV")
approval. Any common shares issued on the exercise of these stock
options will be subject to a four-month and one day hold period
from the date of grant.
In connection with the departure of Mr. Cope as President and
CEO of the Company, Mr. Cope has requested and the Company has
agreed to issue Mr. Cope $120,000 in
shares at a price of $0.245 per share
in partial settlements of the cash amount due to Mr. Cope under his
consulting agreement, which will result in the issuance of 489,795
common shares of the Company to Mr. Cope. The issuance of shares to
Mr. Cope is subject to the approval of the TSXV. The common shares
to be issued to Mr. Cope will be subject to a four-month and one
day hold period from the date of issue.
About Dolly Varden
Dolly Varden Silver Corporation 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. The Dolly Varden property is
considered to be highly prospective for hosting high-grade precious
metal deposits, since it comprises the same structural and
stratigraphic setting that host numerous other high-grade deposits
(Eskay Creek, Brucejack). The Big
Bulk property is prospective for porphyry and skarn style copper
and gold mineralization similar to other such deposits in the
region (Red Mountain, KSM, Red
Chris).
Dolly Varden is also a member of the British Columbia Regional
Mining Alliance, 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 related to, among other
things, the appointment of replacement management and TSXV approval
of the options granted to incoming directors and executives and the
issuance of shares to Mr. Cope. 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 TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
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SOURCE Dolly Varden Silver Corp.