Hecla Completes Acquisition of Revett Mining Company, Inc.
June 15 2015 - 05:25PM
Business Wire
Hecla Mining Company (NYSE:HL) announced today that its
acquisition of Revett Mining Company, Inc. (Revett) is now
complete. The acquisition brings to Hecla the Rock Creek Project,
considered to be one of the largest undeveloped silver and copper
deposits in North America. Hecla intends to continue to advance its
permitting.
“We welcome the Revett shareholders to Hecla and share their
vision of seeing Rock Creek becoming a large, responsibly-operated,
silver mine,” said Phillips S. Baker, Jr., Hecla’s President and
CEO.
Under the terms of the transaction, Hecla acquired all the
outstanding shares of Revett for total consideration of
approximately $19 million in Hecla stock. With completion of the
transaction, Revett’s shares are expected to be delisted from the
Toronto Stock Exchange with effect from the close of trading on
June 17, 2015, and the NYSE MKT is expected to suspend trading in
Revett shares prior to the opening of the market on June 16,
2015.
American Stock Transfer & Trust Company is acting as the
exchange agent. Revett shareholders should receive a letter of
transmittal within the next 10 days to exchange each outstanding
share of Revett for 0.1622 of a common share of Hecla.
About Hecla
Hecla Mining Company (NYSE:HL) is a leading low-cost U.S. silver
producer with operating mines in Alaska and Idaho, and is a gold
producer with an operating mine in Quebec, Canada. The Company also
has exploration and pre-development properties in six world-class
silver and gold mining districts in the U.S., Canada, and Mexico,
and an exploration office and investments in early-stage silver
exploration projects in Canada.
Cautionary Note Regarding Forward-Looking Statements
Statements made or information provided in this news release
that are not historical facts, such as anticipated production,
sales of assets, exploration results and plans, costs, and prices
or sales performance are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 and
“forward-looking information” within the meaning of Canadian
securities laws. Words such as “may,” “will,” “should,” “expects,”
“intends,” “projects,” “believes,” “estimates,” “targets,”
“anticipates” and similar expressions are used to identify these
forward-looking statements. Forward-looking statements involve a
number of risks and uncertainties that could cause actual results
to differ materially from those projected, anticipated, expected or
implied. These risks and uncertainties include, but are not limited
to, the risk the associated cost savings for the merger might not
be achieved, the risk that the permitting process for the Rock
Creek Mine could be more difficult than anticipated, the risk that
Troy Mine reclamation costs could substantially exceed current
estimates, metals price volatility, volatility of metals production
and costs, litigation, regulatory and environmental risks,
operating risks, project development risks, political risks, labor
issues, ability to raise financing and exploration risks and
results. Refer to the company’s Form 10-K and 10-Q reports for a
more detailed discussion of factors that may impact expected future
results. The company undertakes no obligation and has no intention
of updating forward-looking statements other than as may be
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20150615006469/en/
Hecla Mining CompanyJeanne DuPont, 1-800-HECLA91
(1-800-432-5291)Corporate Communications CoordinatorInvestor and
Public Relationshmc-info@hecla-mining.com
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