OSC And BCSC Establish New Framework For Regulating Tactical Private Placements

Summary

On October 24, 2016, the Ontario Securities Commission (OSC) and British Columbia Securities Commission (BCSC) released joint reasons for their decision, In the Matter of Hecla Mining Company and Dolly Varden Silver Corporation (available here), denying an application by Hecla Mining Company (NYSE: HL) ("Hecla") to cease trade a private placement by Dolly Varden Silver Corp. (TSX.V: DV) ("Dolly Varden") that had the effect of thwarting an unsolicited take-over bid by Hecla for Dolly Varden.  The background and facts of the case are described in our July 26, 2016 Update, OSC and BCSC Permit Dolly Varden Private Placement Impeding Hecla Mining Take-Over Bid (available here).