VANCOUVER, BC, Feb. 22,
2022 /CNW/ - Dolly Varden Silver Corporation
("Dolly Varden" or the
"Company") (TSXV: DV) (OTC: DOLLF), is pleased to announce
that the Company's shareholders have approved (i) the previously
announced acquisition of Homestake Resource Corporation
("Homestake") from Fury Gold Mines Limited ("Fury")
(TSX: FURY) (NYSE American: FURY) (the "Transaction") and
(ii) the resultant creation of a new "control person" of the
Company, being Fury, upon completion of the Transaction, at a
special meeting of Shareholders held today (the
"Meeting").
At the Meeting, the special resolution approving the Transaction
and the creation of a new "control person" was approved by
98.8% the votes cast by Dolly
Varden shareholders.
CEO, Shawn Khunkhun remarked "On
behalf of the Board of Directors and Management, I would like to
extend my gratitude to shareholders for supporting this accretive
acquisition and the unification of the Kitsault Valley mineral
deposit trend. With investors support, we have now positioned the
company as creating one of the largest high-grade, undeveloped
precious metals assets in BC's Golden Triangle."
Completion of the Transaction remains subject to a number of
customary closing conditions, including the final approval of the
TSX Venture Exchange (the "TSXV"). Assuming that all
conditions to closing of the Transaction are satisfied or waived,
the Transaction is expected to be completed on or about
February 25, 2022.
Additional information regarding the terms of the Transaction,
including a summary of the terms and conditions of the purchase
agreement with respect to the Transaction, is set out in the
information circular of Dolly Varden
dated January 21, 2022, which is
filed under Dolly Varden's SEDAR
profile at www.sedar.com.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company
focused on exploration in northwestern British Columbia. The Dolly Varden Project
consists of the namesake Dolly
Varden silver property that hosts a unique pure silver
mineral resource as well as the nearby Big Bulk copper-gold
porphyry property. The Dolly Varden Project 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). Dolly Varden has recently entered into an
agreement with Fury to acquire the Homestake Ridge Project adjacent
to the current Dolly Varden property
to consolidate the Kitsault Valley Gold-Silver mineralization trend
into one large, high-grade precious metals project with further
exploration upside potential. 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).
Forward Looking Statements
This release may contain forward-looking statements or
forward-looking information under applicable Canadian securities
legislation that may not be based on historical fact, including,
without limitation, statements containing the words "believe",
"may", "plan", "will", "estimate", "continue", "anticipate",
"intend", "expect", "potential" and similar expressions.
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, completion of the
Transaction, TSXV approval of the Transaction and the expected
closing date of the Transaction. These forward-looking statements
are based on management's current expectations and beliefs and
assume, among other things, the ability of Dolly Varden and Fury to satisfy customary
closing conditions to the Transaction and the timely approval of
the Transaction by the TSXV, 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.
For additional information on risks and uncertainties, see the
Company's most recently filed annual management discussion &
analysis ("MD&A"), which is available on SEDAR at
www.sedar.com. The risk factors identified in the MD&A are not
intended to represent a complete list of factors that could affect
the Company.
Neither the TSX Venture Exchange 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.
