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Hecla Mining Company Announces Intention to Make All Cash Offer To Acquire U.S. Silver Corporation For CDN$1.80 Per Common Share


Wednesday, 25 Jul 2012 07:02pm EDT 

Hecla Mining Company (Hecla) announced that it intends to have an indirect wholly-owned subsidiary make offers to acquire all of the outstanding common shares of U.S. Silver Corporation (U.S. Silver) for CDN$1.80 per common share in cash and acquire each outstanding common share purchase warrant for CDN$0.205 (its in the money amount based on such price per common share) (together, the Hecla Offer). Hecla believes the intended Hecla Offer for U.S. Silver will constitute a superior proposal relative to the proposed U.S. Silver and RX Gold & Silver transaction for the following reasons: Hecla’s intended offer to purchase all of the issued and outstanding common shares of U.S. Silver for CDN$1.80 per share in cash will represent a premium of over 23% to the CDN$1.46 closing price of U.S. Silver common shares on the TSX on July 24, 2012 and a premium of 28% to the imputed offer price of CDN$1.41 under the RX Proposal, as at the same date; Hecla intends to offer to acquire each outstanding common share purchase warrant for CDN$0.205 (its in the money amount); and After successful completion of the Hecla Offer, Hecla will offer to pay holders of U.S. Silver options (vested or not) for the cancellation of their options the greater of their “in the money amount” or CDN$0.01 per option in cash. Scotiabank is acting as financial advisor to Hecla in connection with the proposed takeover offer and Aird & Berlis LLP as Hecla’s Canadian legal counsel. 

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3:59pm EDT