Key Developments: Aurizon Mines Ltd (AZK)
4.23USD
22 May 2013
$0.04 (+0.95%)
$4.19
$4.21
$4.30
$4.15
793,993
880,115
$5.37
$3.19
Latest Key Developments (Source: Significant Developments)
Aurizon Mines Ltd Resumes Regular Operations At Casa Berardi Mine
Aurizon Mines Ltd announced that, further to the previous announcement, and following completion of an investigation underground, regular shifts at Casa Berardi have resumed, and underground operations will not be further affected. Full Article
Aurizon Mines Ltd Announces Accident At Casa Berardi Mine
Aurizon Mines Ltd announced that an employee of Dumas Contracting Ltd. was fatally injured this morning in an accident with his vehicle, underground at the Company's Casa Berardi project. As a result of this accident, underground operations for the day and night shift have been suspended while the Company works with Sureté de Québec, Dumas and representatives of the CSST (Workplace Health and Safety Commission of Quebec) to determine the cause of the accident. Full Article
Aurizon Mines Ltd Comments on Expiry of Alamos Gold Inc. Offer
Aurizon Mines Ltd commented on the expiry of the unsolicited offer made by Alamos Gold Inc. (Alamos). Aurizon's Board of Directors had unanimously recommended that shareholders reject the Alamos offer. Under the terms of the Hecla Agreement announced on March 4, 2013, Aurizon shareholders may elect to receive in exchange for each Aurizon share, CAD4.75 per share or 0.9953 of a Hecla share or a combination of both, subject in each case to pro-ration based on a maximum cash consideration of approximately CAD513.6 million and a maximum of approximately 57,000,000 Hecla shares. Assuming that all shareholders elect to receive either cash or Hecla shares, the consideration will be fully pro-rated with each shareholder being entitled to receive CAD3.11 in cash and 0.3446 of a Hecla share for each Aurizon share. Full Article
Hecla Urges Aurizon Mines Ltd's Shareholders Not to Tender to Alamos and to Withdraw Tendered Shares
Hecla Mining Company announced that it urges Aurizon Mines Ltd's shareholders to continue withdrawing shares tendered to Alamos’ inadequate bid and not to tender any new shares to the bid. Aurizon Mines Ltd. (Aurizon) announced that the British Columbia Securities Commission (the Commission) has cease traded Aurizon’s shareholder rights plan which means that is the day shareholders can show Alamos their bid is inferior. The Commission’s decision highlights the need for Aurizon shareholders to withdraw any existing tendered shares and to not make any new deposits in order to secure the highest value for their shares. The Commission did not grant Alamos’ request to remove the $27.2 million termination fee payable to Hecla in the event that any person acquires more than 33 1/3% of Aurizon’s outstanding shares. Full Article
Hecla Mining Company Reaffirms Premium Value Of Proposed Acquisition of Aurizon Mines Ltd
Hecla Mining Company reaffirmed the premium value of its proposed acquisition of Aurizon Mines Ltd announced on March 4, 2013, pursuant to an arrangement agreement (Hecla Arrangement) with Aurizon. Hecla also cautioned Aurizon shareholders that its largest shareholder Alamos Gold Inc. (Alamos) is attempting to increase its ownership position to a level that would prevent Aurizon shareholders from accepting a higher price. All currencies are CAD$ unless otherwise noted. Under the terms of the Hecla Agreement announced on March 4, 2013, Aurizon shareholders may elect to receive in exchange for each Aurizon share, $4.75 per share or 0.9953 of a Hecla share or a combination of both, subject in each case to pro-ration based on a maximum cash consideration of approximately $513.6 million and a maximum of approximately 57,000,000 Hecla shares. Assuming that all shareholders elect to receive either cash or Hecla shares, the consideration will be fully pro-rated with each shareholder being entitled to receive $3.11 in cash and 0.3446 of a Hecla share for each Aurizon share. Full Article
Alamos Gold Inc Says Close To Blocking Hecla Mining Co's Rival Bid For Aurizon Mines Ltd-Reuters
Reuters reported that Alamos Gold Inc was close to blocking Hecla Mining Co's rival bid for Aurizon Mines Ltd, and had the support of other large shareholders. Alamos said it had 29.5% Aurizon shares as on Tuesday afternoon, including the 16.11% stake it already held in the company. Alamos, which extended its tender offer deadline to March 19, said in a statement earlier on Tuesday that shareholders had tendered about 10.26% of Aurizon shares as of March 4. Alamos said on Monday it would not raise its offer, following U.S. silver miner Hecla's rival bid of about CAD796 million ($774 million). Aurizon had rejected an unsolicited takeover offer from Alamos, its largest single shareholder, in January for about CAD780 million. Full Article
Aurizon Mines Ltd Reiterates REJECTION of the Alamos Offer
Aurizon Mines Ltd. announced that it has reiterated its recommendation that shareholders REJECT the previously announced offer by Alamos Gold Inc. Aurizon also reiterated its recommendation that Aurizon shareholders support the arrangement whereby Hecla Mining Company (HL) will acquire all of the outstanding common shares of Aurizon (the Arrangement). Full Article
Hecla Mining Company's Agreement To Acquire Aurizon Mines Ltd Superior For Aurizon Shareholders
Hecla Mining Company reiterated the superiority of its agreed-upon transaction with Aurizon Mines Ltd, announced on March 4, 2013, and strongly urges shareholders to reject the Alamos offer. Hecla's arrangement agreement is superior to the unsolicited Alamos offer for many reasons, included but not limited to; Implied value of Hecla's offer of CAD$4.55, based on closing prices on March 4, 2013, represents a CAD$0.27 premium to the current implied value of Alamos offer of C$4.28; Hecla's agreement has a 68% higher cash component than the Alamos offer; the combined company will have low cost operating mines with long lives in mining friendly jurisdictions. Aurizon reiterated its recommendation that shareholders support the Hecla transaction and do not tender into the Alamos offer or withdraw tenders already made. Aurizon urged shareholders who have tendered to immediately withdraw tendered shares. Full Article
Aurizon Mines Ltd Enters Into Definitive Agreement With Hecla Mining Co
Aurizon Mines Ltd announced that it has entered into a definitive agreement pursuant to which Hecla Mining Co will acquire all of the outstanding diluted common shares of Aurizon for approximately CAD796 million. The transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (British Columbia). Under the terms of the Arrangement, Aurizon shareholders may elect to receive in exchange for each Aurizon Share, CAD4.75 per share or 0.9953 of a Hecla share or a combination of both, subject in each case to pro-ration based on a maximum cash consideration of approximately CAD513.6 million and a maximum of approximately 57,000,000 Hecla shares. Assuming that all shareholders elect to receive either cash or Hecla shares, the consideration will be fully pro-rated with each shareholder being entitled to receive CAD3.11 in cash and 0.3446 of a Hecla share for each Aurizon share. The CAD4.75 per share offer price represents an approximately 12% premium to the current implied CAD4.26 per share value of the Alamos Offer based on the closing share price of Alamos Gold Inc. on March 1, 2013 and assuming that all shareholders elected to receive cash or shares. Full Article
Alamos Gold Inc. Bid Represents Best Alternative to Aurizon Mines Ltd Shareholders
Alamos Gold Inc. announced that it will not increase the consideration in its offer to acquire all of the outstanding shares of Aurizon Mines Ltd., which expires at 5 p.m. on Tuesday, March 5, 2013. Full Article
Aurizon says cleanup under way at Quebec spill
TORONTO - Shares of Aurizon Mines Ltd were down more than 13 percent on Friday, even as the gold miner assured investors that the cleanup of a tailings spill at its Quebec mine was under way and that operations were not impacted by the incident.
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