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Aurizon Mines Ltd Enters Into Definitive Agreement With Hecla Mining Co


Monday, 4 Mar 2013 07:00am EST 

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. 

Company Quote

3.17
-0.14 -4.23%
31 Jul 2014