Hecla Commences Takeover Bid For Dolly Varden - Quick Facts

(RTTNews) - Hecla Mining Company (HL) announced it is formally commencing a takeover bid for all of the outstanding shares of Dolly Varden Silver Corp. not owned by Hecla and its affiliates for C$0.69 cash per share, following the initial announcement of its bid on June 27, 2016. Hecla noted that it will not proceed with its premium cash offer if the private placement proposed by Dolly Varden is completed. Hecla said it is applying to the relevant regulatory authorities for an order to stop the private placement.

"I urge you to tender your shares for an attractive premium of approximately 97%. Despite the attractive premium available, Dolly Varden's board has chosen another path - a dilutive private placement that is not in the interest of all shareholders. Hecla believes that the private placement is an attempt to obstruct Hecla's premium cash offer," Phillips Baker, Jr., Hecla's CEO said.