Hecla Completes Acquisition of Mines Management, Inc.
September 13 2016 - 7:14PM
Business Wire
Hecla Mining Company (NYSE:HL) announced today that its
acquisition of Mines Management, Inc. (Mines Management) is
complete. The acquisition includes the Montanore Project, a large
undeveloped silver and gold project in Montana for which the final
Environmental Impact Statement and Records of Decision were issued
earlier this year. Montanore will remain owned by Mines Management,
which is now a wholly owned subsidiary of Hecla.
“Montanore has the potential to be a major silver and copper
producer and we appreciate the support of the local community and
Mines Management for this acquisition,” said Phillips S. Baker,
Jr., Hecla’s President and CEO. “The next step is to complete the
permitting so we can mine in a safe and environmentally responsible
way.”
Under the terms of the transaction, Hecla acquired all the
outstanding shares of Mines Management for total consideration of
approximately $46 million in Hecla stock. With completion of the
transaction, Mines Management’s shares are expected to be suspended
from trading on the NYSE MKT prior to the opening of the market on
September 14, 2016, and are expected to cease trading on the
Toronto Stock Exchange at the close of trading on
September 15, 2016.
American Stock Transfer & Trust Company is acting as the
exchange agent. Mines Management shareholders should receive a
letter of transmittal within the next 10 days to exchange each
outstanding common share of Mines Management for 0.2218 of a common
share of Hecla.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading
low-cost U.S. silver producer with operating mines in Alaska, Idaho
and Mexico, and is a growing 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, 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/20160913006716/en/
Hecla Mining CompanyCorporate Communications CoordinatorInvestor
and Public RelationsJeanne DuPont, 1-800-HECLA91
(1-800-432-5291)hmc-info@hecla-mining.com
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