Key Developments: Hecla Mining Co (HL)
3.38USD
24 May 2013
$0.00 (+0.00%)
$3.38
$3.40
$3.44
$3.36
3,366,780
6,503,519
$6.94
$2.95
Latest Key Developments (Source: Significant Developments)
Hecla Mining Co To Offer Senior Notes
Hecla Mining Co announced that it intends to offer, USD400 million of new Senior Unsecured Notes due 2021. The Notes will be fully and unconditionally guaranteed by certain of the Company’s subsidiaries. The proceeds will be used to partially fund the acquisition of Aurizon Mines Ltd. and for general corporate purposes, including expenses related to the Acquisition. The Company will deposit the proceeds from the Notes into an escrow account until the satisfaction of certain conditions set forth in an escrow agreement, including the consummation of the Acquisition. If the Escrow Conditions are not satisfied or waived or the escrow agreement related thereto is terminated, the Notes will be subject to a special mandatory redemption. Escrowed funds would be released and applied to pay for any such redemption. The Notes will be offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act). 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 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
Hecla Mining Co Declares Common And Preferred Stock Dividends
Hecla Mining Co announced its Board of Directors has elected to declare a quarterly dividend of $0.0125 per share of common stock, payable on or about March 25, 2013, to stockholders of record on March 18, 2013. The payment includes a regular quarterly common stock dividend of $0.0025 per share and a special dividend of $0.01 per share. The Board of Directors has also elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock, on a total of 157,816 shares outstanding. This represents a total amount to be paid of approximately $138,000. The cash dividend is payable April 1, 2013, to shareholders of record on March 15, 2013. Full Article
Hecla Mining Co's Wholly Owned Subsidiary Announces Acquisition Of Brixton Metals Corporation
Hecla Mining Co announced that a wholly owned subsidiary of Hecla has entered into a subscription agreement to acquire 17,250,000 common shares of Brixton Metals Corporation (Brixton). Subject to receipt of approval by the TSX Venture Exchange, the common shares will be issued to the wholly owned subsidiary of Hecla from treasury at a price of $0.15 per common share for total gross proceeds to Brixton of $2,587,500. Upon completion of the transactions contemplated by the subscription agreement (the Proposed Transaction), the 17,250,000 common shares will represent and Hecla will exercise control over approximately 19.8% of the then outstanding common shares of Brixton. Hecla has the right to maintain its proportional ownership interest in Brixton through the exercise of a pre-emptive right. In addition, Hecla has the right to appoint one representative to the Board of Directors of Brixton and will be providing technical assistance to Brixton. Full Article
Hecla Mining Co Declares Preferred Dividend
Hecla Mining Co announced its Board of Directors has elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock. The cash dividend is payable January 2, 2013, to shareholders of record on December 14, 2012. Full Article
Hecla Mining Co's Subsidiary Acquires Interest In Canamex Resources Corp
Hecla Mining Co announced that a wholly owned Canadian subsidiary of Hecla has entered into a subscription agreement to acquire 14,000,000 common shares of Canamex Resources Corp. (Canamex). Subject to receipt of approval by the TSX Venture Exchange, the common shares will be issued to the wholly owned subsidiary of Hecla from treasury at a price of $0.18 per common share for total gross proceeds to Canamex of $2,520,000. Upon completion of the transactions contemplated by the subscription agreement (the "Proposed Transaction"), the 14,000,000 common shares will represent and Hecla will exercise control over approximately 15% of the outstanding common shares of Canamex. In addition, Hecla will have the right to appoint one representative to the Board of Directors of Canamex and will be providing technical assistance to Canamex. Hecla will also have the right to participate in future equity offerings of Canamex in order to maintain Hecla's pro-rata equity interest in Canamex. The Proposed Transaction is subject to certain conditions, including the approval of the TSX Venture Exchange. Full Article
Dolly Varden Silver Corp Announces Closing of $3.2 Million Strategic Investment From Hecla Mining Company And Engagement of Haywood Securities Inc. As Financial Advisor
Dolly Varden Silver Corp announced that, further to the Company's news release of August 21, 2012, it has closed its equity financing pursuant to which a wholly-owned subsidiary of Hecla Mining Company (Hecla) acquired 20,000,000 common shares of the Company (the Dolly Shares), representing 19.9% of the outstanding Dolly Shares, at a price of $0.16 per Dolly Share for total proceeds of $3,200,000 (the Financing). Pursuant to the terms of an ancillary rights agreement, Hecla was granted various rights exercisable for so long as Hecla holds more than a 10% interest in Dolly. These rights include: a right to nominate one person to Dolly Varden's board of directors, a right to nominate one person to a technical committee, to be established to design and execute the Company's exploration programs; a right of first refusal in respect of any proposed transfer or sale by Dolly Varden of its interest in all or any part of its mining properties, including any third party offers to enter into a joint venture; and a pre-emptive right to participate in any future proposed equity offering of Dolly Varden in order to maintain Hecla's pro rata interest. Pursuant to the terms of the ancillary rights agreement, Hecla also agreed to a voting agreement whereby Hecla will vote all Dolly Shares held by it in favour of management's proposals on matters of routine business for a period of 12 months from the closing of the Financing. Full Article
Hecla Mining Co Declares Preferred Dividend
Hecla Mining Co announced its Board of Directors has elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock. The regular quarterly dividend of $0.875 per share, on a total of 157,816 shares outstanding of the Series B Cumulative Convertible Preferred Stock, represents a total amount to be paid of approximately $138,000. The cash dividend is payable October 1, 2012, to shareholders of record on September 15, 2012. Full Article
Hecla Mining Co's Subsidiary Acquires Interest in Dolly Varden Silver Corporation
Hecla Mining Co announced that a wholly owned subsidiary of Hecla has entered into a subscription agreement to acquire 20,000,000 common shares of Dolly Varden Silver Corporation. Subject to receipt of approval by the TSX Venture Exchange, the common shares will be issued to the wholly owned subsidiary of Hecla from treasury at a price of $0.16 per common share for total gross proceeds to Dolly Varden of $3,200,000. Upon completion of the transactions contemplated by the subscription agreement, the 20,000,000 common shares will represent and Hecla will exercise control over 19.9% of the outstanding common shares of Dolly Varden. In addition, Hecla has the right to appoint one representative to the Board of Directors of Dolly Varden Silver Corporation and will be providing technical assistance to the company. Full Article
RPT-Hecla Mining sales fall 16 pct on lower silver prices
May 10 - Hecla Mining Co, the No. 2 U.S. silver miner by output, reported a 16 percent drop in first-quarter sales as prices of the precious metal fell.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
