Dolly Varden Silver (DVS) said Thursday that it has agreed to acquire MTB Metals' interests in four properties that cover more than 20,000 hectares in Northwestern British Columbia, Canada.

The company said the properties include American Creek Property, which is comprised of Mountain Boy Property, Silver Crown Property, and Dorothy Property. They also include the Theia Property, the BA Property, and the Red Cliff Property.

Under the terms of the deal, Dolly Varden will acquire all of MTB Metals' interests in the properties for up to 500,000 Dolly Varden common shares at a deemed value of $3.59 each.

The acquisition terms also include a net smelter return royalty of 1.0% on all production from the Mountain Boy Property, the BA Property, the Theia Property, and the Silver Crown Property.

DVS shares were 2.4% higher in recent premarket activity.