On March 31, 2022, Dolly Varden Silver Corporation closed the transaction. The company has amended the terms of the transaction and received gross proceeds of CAD 12,998,414. The company has issued 11,274,400 flow-through common shares at a price of CAD 1.02 per share in the transaction for gross proceeds of CAD 11,499,888 and 1,742,472 common shares at a price of CAD 0.86 per share for gross proceeds of CAD 1,498,526.

The transaction included participation from returning investors, Eric Sprott, through 2176423 Ontario Ltd., for 3,448,200 flow through shares for CAD 2,499,945 and Hecla Canada Ltd. for 1,742,472 common shares. Post closing, Eric Sprott now beneficially owns or controls 22,183,982 common shares and 1,250,000 common share purchase warrants representing approximately 10.2% of the issued and outstanding common shares on a non-diluted basis and 19.1% on a partially diluted basis. TSX Venture Exchange has accepted for filing documentation with respect to the transaction.

The transaction included participation from 26 placees. The transaction included participation from pro group involvement for 539,533 shares from six placees.