Aurizon Comments on Expiry of Alamos Offer
20 Marzo 2013 - 12:17AM
Marketwired
Aurizon Mines Ltd. (TSX:ARZ)(NYSE MKT:AZK) ("Aurizon" or the
"Company") today commented on the expiry of the unsolicited offer
made by Alamos Gold Inc. ("Alamos"). Aurizon's Board of Directors
had unanimously recommended that shareholders reject the Alamos
offer.
Said George Brack, Chair of the Special Committee of Aurizon's
Board: "We stand by our determination that the Alamos offer was
inadequate, and with its expiry, we will continue to move forward
with the Board-supported Hecla arrangement. The Hecla arrangement
offers an attractive premium, a substantial cash component, and the
compelling opportunity to participate in a North America focussed
precious metals company with exploration potential and significant
upside. We look forward to proceeding with this transaction, and
will be mailing a Management Information Circular in due
course."
Details of the Hecla Agreement
Under the terms of the Hecla Agreement announced on March 4,
2013, 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.
About Aurizon
Aurizon is a gold producer with a growth strategy focused on
developing its existing projects in the Abitibi region of
north-western Quebec, one of the world's most favourable mining
jurisdictions and prolific gold and base metal regions, and by
increasing its asset base through accretive transactions. Aurizon
shares trade on the Toronto Stock Exchange under the symbol "ARZ"
and on the NYSE MKT under the symbol "AZK". Additional information
on Aurizon and its properties is available on Aurizon's website at
www.aurizon.com.
This news release contains forward-looking information (as
defined in the Securities Act (British Columbia)) and
forward-looking statements that are prospective in nature
(collectively, "forward-looking statements"). All statements other
than statements of historical fact may be forward-looking
statements. In this news release, such forward-looking statements
include statements regarding the timing of the mailing of the
management information circular for the meeting of the
securityholders of the Company to approve the Hecla transaction,
the Company proceeding with the Hecla transaction, the premium
offered by the Hecla transaction, exploration potential and
significant upside of the combined entity. These forward-looking
statements are based on a number of assumptions, including
assumptions regarding the time required to prepare and mail meeting
materials to the Aurizon securityholders, the Company and Hecla
consummating the transaction on the terms and in the manner
contemplated in the arrangement agreement, the impact of market
fluctuations on the value of the Company, its assets and on Hecla,
the ability of the parties to receive, in a timely manner and on
satisfactory terms, the necessary court, shareholder, stock
exchange and regulatory approvals and the ability of the parties to
satisfy in a timely manner, the conditions to the closing of the
transaction, the successful completion of new development projects,
planned expansions or other projects within the timelines
anticipated and at anticipated production levels, the accuracy of
reserve and resource estimates, grades, mine life and cash cost
estimates, whether mineral resources can be developed, interest and
exchange rates; the price of gold, silver and other metals,
competitive conditions in the mining industry, title to mineral
properties, and financing requirements;. Although management of
Aurizon believes that the assumptions made and the expectations
represented by such statements are reasonable, there can be no
assurance that a forward-looking statement herein will prove to be
accurate. Actual results and developments may differ materially
from those expressed or implied by the forward-looking statements
contained in this news release and even if such actual results and
developments are realized or substantially realized, there can be
no assurance that they will have the expected consequences or
effects.
Factors which could cause actual results to differ materially
from current expectations include non-completion of the
transaction, including due to the parties failing to receive, in a
timely manner and on satisfactory terms, the necessary court,
shareholder, stock exchange and regulatory approvals or the
inability of the parties to satisfy in a timely manner the other
conditions to the closing of the transaction; changes in market
conditions; changes in market conditions; actual results being
materially different than reserve and resource estimates, grades,
mine life and cash cost estimates; variations in ore grade or
recovery rates; risks relating to international operations;
fluctuations in gold, silver and other metal prices and currency
exchange rates; failure to obtain any required financing; inability
to successfully complete new development projects, planned
expansions or other projects within the timelines anticipated;
changes in project parameters; the possibility of project cost
overruns or unanticipated costs and expenses; labour disputes and
other risks of the mining industry; failure of plant, equipment or
processes to operate as anticipated; risk that estimated costs,
including costs of labor, equipment and materials, including power,
are not as anticipated; the risk of an undiscovered defect in title
or other adverse claim; that results of exploration activities will
be different than anticipated; adverse changes to general economic
conditions or laws, rules and regulations applicable to Aurizon or
Hecla; and those risks set forth in Aurizon's Annual Information
Form dated March 30, 2012 and in Hecla's filings with the U.S.
Securities and Exchange Commission, which are available
respectively on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
You should not place undue reliance on any forward-looking
statements contained in this news release. Aurizon specifically
disclaims any obligation to reissue or update these forward-looking
statements as a result of new information or events after the date
hereof.
U.S. Registration (File 001-31893)
Contacts: Media Contact: Longview Communications Trevor Zeck
(604) 375-5941 or Nick Anstett (416) 649-8008 Investor Contact:
Aurizon Mines Ltd. Jennifer North, Manager Investor Relations
604-687-6600 or Toll Free: 1-800-411-GOLD (4653) 604-687-3932
(FAX)jennifer.north@aurizon.com / info@aurizon.com www.aurizon.com
Information Agent: Georgeson Toll Free (North America):
1-888-605-7616 Outside North America Call Collect:
1-781-575-2422askus@georgeson.com
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