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Stock Market & Financial Investment News

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March 4, 2013
06:57 EDTHL, AZKHecla Mining to buy Aurizon Mines for C$4.75 per share, or $C$796M
Hecla Mining Company (HL) has entered into a definitive arrangement agreement with Aurizon Mines Ltd. (AZK) pursuant to which Hecla will acquire all of the issued and outstanding common shares of Aurizon in a transaction with a total value of approximately C$796M. Under the terms of the Transaction, which is similar to a merger with a Hecla subsidiary under U.S. Law, Hecla will acquire all of the outstanding common shares of Aurizon for consideration valued at C$4.75 per share. Each holder of Aurizon common shares may elect to receive either C$4.75 in cash or 0.9953 of a Hecla share, subject in each case to pro-ration based on a maximum cash consideration of CAD$513,631,193 and a maximum number of Hecla shares issued of 57,000,000. Assuming that all Shareholders elected either the Cash Alternative or the Share Alternative, each Shareholder would be entitled to receive C$3.11 in cash and 0.34462 of a Hecla share for each Aurizon common share. Aurizon announced that its Board of Directors, upon the recommendation of a Special Committee of the Board and after receipt of advice from its financial and legal advisors, has unanimously determined that the Transaction is in the best interests of Aurizon, is fair to shareholders and recommends that shareholders of Aurizon vote in favor of approving the Transaction. In addition, all the directors and senior officers of Aurizon have agreed to vote their shares in favor of the deal.
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