COEUR D’ALENE, Idaho--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150615006469/en/
Hecla Mining Company
Jeanne DuPont, 1-800-HECLA91 (1-800-432-5291)
Corporate
Communications Coordinator
Investor and Public Relations
hmc-info@hecla-mining.com
Source: Hecla Mining Company