Hecla to Acquire Mines Management
24 Maggio 2016 - 1:00PM
SPOKANE,
WASHINGTON - May 24, 2016 -- Mines Management, Inc. (NYSE MKT: MGN,
TSX: MGT) (Mines Management) and Hecla Mining Company (NYSE:HL)
(Hecla) today announced a merger agreement with Hecla acquiring
Mines Management. In the proposed merger, each outstanding common
share[1] of Mines
Management will be exchanged for 0.2218 of a common share of Hecla.
This represents a 41% premium to Mines Management, using both
companies' 10 day VWAP (Volume Weighted Average Price) on May
20, 2016. The transaction is expected to close in the third
quarter, 2016. The transaction is subject to approval by Mines
Management shareholders and other closing conditions.
Following closing of the merger, Hecla intends to advance the
evaluation program of Montanore. Located in northwestern Montana,
Montanore is considered one of the largest undeveloped silver and
copper deposits in North America. The project is approximately 10
miles from Hecla's Rock Creek project and 50 miles north of Hecla's
Lucky Friday Mine in Idaho.
"The
Montanore Project has been significantly advanced by Mines
Management and, with the issuance of the final Environmental Impact
Statement and Records of Decision early this year, now is the time
to pass it on to Hecla to further advance the project and put it
into production," said Glenn Dobbs, Mines Management's CEO and
Chairman.
"Hecla
is the logical company to move Montanore forward, with its close
proximity to Rock Creek, as well as its similar geology and scale,"
said Phillips S. Baker, Jr., Hecla's President and CEO. "We have
considerable experience operating Greens Creek in a National
Monument which will, combined with our financial strength and
commitment to the community and environment, help Montanore reach
its full potential."
About
Mines Management
Mines Management, Inc.
is engaged in the business of exploring, and if exploration is
successful, developing mineral properties containing precious and
base metals. The Company's primary focus is on the advancement of
the Montanore silver-copper project located in northwestern
Montana.
For further information, please contact:
Douglas Dobbs
President, Mines Management, Inc.
(509)838-6050
info@minesmanagement.com
Hecla
will file with the SEC a registration statement on Form S-4 (or
amendment thereto) that will include the Proxy Statement of Mines
Management that also constitutes a prospectus of Hecla. Hecla
and Mines Management plan to mail the Proxy Statement/Prospectus to
Mines Management's shareholders in connection with the transaction.
INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE
FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HECLA, MINES
MANAGEMENT, THE TRANSACTION AND RELATED MATTERS. Investors and
shareholders will be able to obtain free copies of the Proxy
Statement/Prospectus and other documents filed with the SEC by
Hecla and Mines Management through the website maintained by the
SEC at www.sec.gov. In addition, investors and shareholders will be
able to obtain free copies of the Proxy Statement/Prospectus and
other documents filed by Hecla with the SEC by contacting Hecla's
Investor Relations department at Hecla Mining Company; Investor
Relations; 1-800-HECLA91 (1-800-432-5291);
hmc-info@hecla-mining.com., and will be able to obtain free copies
of the Proxy Statement/Prospectus and other documents filed by
Mines Management by contacting Mines Management Investor Relations
at info@minesmanagement.com or by calling (509) 838-6050.
Hecla
and Mines Management and their respective directors and executive
officers may be deemed to be participants in the solicitation of
proxies from the shareholders of Mines Management in respect of the
transaction described in the Proxy Statement/Prospectus.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of the shareholders
of Mines Management in connection with the proposed transaction,
including a description of their direct or indirect interests, by
security holdings or otherwise, will be set forth in the Proxy
Statement/Prospectus when it is filed with the SEC. Information
regarding Hecla's directors and executive officers is contained in
Hecla's Annual Report on Form 10-K for the year ended December 31,
2015 and its Proxy Statement on Schedule 14A, dated April 4, 2016,
which are filed with the SEC. Information regarding Mines
Management's directors and executive officers is contained in Mines
Management's Annual Report on Form 10-K for the year ended December
31, 2015 as amended by Form 10-K/A dated April 28, 2016, which are
filed with the SEC.
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, risks associated with completion of the merger, the risk that
expected synergies or cost savings resulting from the merger might
not be achieved, the risk that the permitting process for the
Montanore Project could be more difficult than anticipated, 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
Hecla's and Mines Management's Form 10-K and 10-Q reports for a
more detailed discussion of factors that may impact expected future
results. Hecla and Mines Management undertake no obligation and
have no intention of updating forward-looking statements other than
as may be required by law.
[1]
Approximately 32 million issued and outstanding
shares; approximately 39 million shares fully diluted
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Mines Management Inc. via Globenewswire
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