10:52 AM EDT, 03/26/2024 (MT Newswires) -- Dolly Varden Silver Corp. ( DOLLF ) said Tuesday that it has raised gross proceeds of about $15 million by completing its bought deal public offering.

Under the offering, Dolly Varden sold about 14.3 million shares on a charitable basis that will qualify as "flow-through shares" at $1.05 per Charity FT share. The company reported the participation of Eric Sprott, through 2176423 Ontario Ltd.

The company plans to use the gross proceeds for further exploration, mineral resource expansion, and drilling in the combined Kitsault Valley project, located in northwestern British Columbia, Canada, as well as for working capital.

The company's stock dropped 4.8% on last look on Tuesday.

Price: 0.79, Change: -0.04, Percent Change: -4.82