Date: July 26, 2016

Value: C$7.2 million

Dolly Varden Silver Corporation has completed its non-brokered private placement originally announced on July 5, 2016 (the "Offering"). The Company raised gross proceeds of C$7,195,591.38 through the sale of 9,115,861 common shares of the Company at a price of C$0.62 per share ("Common Shares"), 2,142,857 "flow-through shares" of the Company at a price of $0.70 per share and 101,762 common share purchase warrants ("Warrants") issued to Hecla Canada Ltd. at a price of C$0.43 per Warrant.

Closing of the Offering was delayed pending simultaneous hearings of the British Columbia Securities Commission and the Ontario Securities Commission on whether to cease trade the Offering. On July 22, 2016, both commissions ruled in favour of allowing the Offering to continue and the financing was resumed on July 25, 2016.

Borden Ladner Gervais LLP represented Dolly Varden Silver Corporation with a team led by Fred Pletcher that included, Stephen P. Robertson, Melanie Bradley, Joelle Dudelzak and Julie Bogle.