March 04, 2013 07:00 ET
Aurizon Enters into Definitive Agreement with Hecla
http://www.marketwire.com/press-rel...tive-agreement-with-hecla-tsx-arz-1763501.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2013) - The Board of Directors of Aurizon Mines Ltd. (TSX:ARZ)(NYSE MKT:AZK) ("Aurizon" or the "Company") today announced that it has entered into a definitive agreement pursuant to which Hecla Mining Company (NYSE:HL) will acquire all of the outstanding diluted common shares of Aurizon for approximately CAD$796 million. The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
Under the terms of the Arrangement, Aurizon shareholders may elect to receive in exchange for each Aurizon Share, CAD$4.75 per share or 0.9953 of a Hecla share or a combination of both, subject in each case to pro-ration based on a maximum cash consideration of approximately CAD$513.6 million and a maximum of approximately 57,000,000 Hecla shares. Assuming that all shareholders elect to receive either cash or Hecla shares, the consideration will be fully pro-rated with each shareholder being entitled to receive CAD$3.11 in cash and 0.3446 of a Hecla share for each Aurizon share.
The CAD$4.75 per share offer price represents an approximately 12% premium to the current implied CAD$4.26 per share value of the Alamos Offer based on the closing share price of Alamos Gold Inc. on March 1, 2013 and assuming that all shareholders elected to receive cash or shares.
George Brack, Chair of the Special Committee of the Aurizon Board of Directors said: "We are pleased that our rigorous process to seek value-maximizing alternatives has resulted in an agreement with Hecla which resulted in additional value for Aurizon shareholders. The agreement with Hecla provides Aurizon shareholders with an attractive premium, value certainty through a substantial cash consideration component and an opportunity to participate in the upside potential of a combined CAD$1.6 billion company with a world class asset portfolio located in politically stable and proven mining jurisdictions."
Aurizon Enters into Definitive Agreement with Hecla
http://www.marketwire.com/press-rel...tive-agreement-with-hecla-tsx-arz-1763501.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2013) - The Board of Directors of Aurizon Mines Ltd. (TSX:ARZ)(NYSE MKT:AZK) ("Aurizon" or the "Company") today announced that it has entered into a definitive agreement pursuant to which Hecla Mining Company (NYSE:HL) will acquire all of the outstanding diluted common shares of Aurizon for approximately CAD$796 million. The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
Under the terms of the Arrangement, Aurizon shareholders may elect to receive in exchange for each Aurizon Share, CAD$4.75 per share or 0.9953 of a Hecla share or a combination of both, subject in each case to pro-ration based on a maximum cash consideration of approximately CAD$513.6 million and a maximum of approximately 57,000,000 Hecla shares. Assuming that all shareholders elect to receive either cash or Hecla shares, the consideration will be fully pro-rated with each shareholder being entitled to receive CAD$3.11 in cash and 0.3446 of a Hecla share for each Aurizon share.
The CAD$4.75 per share offer price represents an approximately 12% premium to the current implied CAD$4.26 per share value of the Alamos Offer based on the closing share price of Alamos Gold Inc. on March 1, 2013 and assuming that all shareholders elected to receive cash or shares.
George Brack, Chair of the Special Committee of the Aurizon Board of Directors said: "We are pleased that our rigorous process to seek value-maximizing alternatives has resulted in an agreement with Hecla which resulted in additional value for Aurizon shareholders. The agreement with Hecla provides Aurizon shareholders with an attractive premium, value certainty through a substantial cash consideration component and an opportunity to participate in the upside potential of a combined CAD$1.6 billion company with a world class asset portfolio located in politically stable and proven mining jurisdictions."
