The warrants entitled Hecla Canada Ltd. (Hecla Canada) to acquire 1 250 000 shares at a price of CAN$0.30 each. As a consequence, Hecla, through Hecla Canada, now controls or is deemed to control, 6 807 626 common shares of Dolly Varden, or approximately 11.87% of the shares. Hecla no longer owns or controls any securities convertible into shares.
The shares will be acquired for investment purposes by Hecla. Hecla does not have any present intention to acquire ownership of, or control over, additional securities of Dolly Varden. It is the intention of Hecla to evaluate its investment in Dolly Varden on a continuing basis and such holdings may be increased or decreased in the future.
