Hecla Mining Increases Holdings in Dolly Varden Silver Corporation
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) (“Hecla”) announced today that a wholly-owned subsidiary of Hecla exercised warrants to acquire 1,250,000 common shares (“Shares”) of Dolly Varden Silver Corporation (“Dolly Varden”).
The warrants entitled Hecla Canada Ltd. (“Hecla Canada”) to acquire 1,250,000 Shares at a price of C$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.
Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver producer with operating mines in Alaska, Idaho and Mexico, and is a growing gold producer with operating mines in Quebec and Nevada. The Company also has exploration and pre-development properties in eight world-class silver and gold mining districts in the U.S., Canada, and Mexico.
Cautionary Statements Regarding Forward Looking Statements
Statements made or information provided in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws. Words such as “may”, “will”, “should”, “expects”, “intends”, “projects”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions are used to identify these forward-looking statements. Such forward-looking statements or forward-looking information include statements or information regarding estimates of silver production for 2018 on a consolidated basis and at each of the Greens Creek, Lucky Friday and San Sebastian mines, annual gold production for 2018 at Casa Berardi, and second quarter 2018 production. Such forward-looking statements or forward-looking information include statements or information regarding estimates of gold production, revenue, EBITDA and mine life for Fire Creek, Midas and Hollister, as well as statements concerning the combined company’s cash flow and probability. The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject.
Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production and costs, litigation, regulatory and environmental risks, operating risks, project development risks, political risks, labor issues, ability to raise financing and exploration risks and results. Refer to the Company's Form 10K and 10-Q reports for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law.