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November 19, 2012
10:02 EDTHLHecla Mining acquires interest in Canamex Resources
Hecla Mining announced that a wholly owned Canadian subsidiary of Hecla has entered into a subscription agreement to acquire 14M common shares of Canamex Resources, a Canadian-based resource exploration company currently focused on the exploration of two gold properties, the Bruner gold project located in Nye County, Nevada and the Aranka North gold project located in Guyana. 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 C$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 14M 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.
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