The Asymmetric Angler • 73 Comments
Tue, Jul. 26, 7:57 AM
- Hecla Mining (NYSE:HL) withdraws its takeover bid for Dolly Varden Silver (OTCPK:DOLLF) after provincial regulators in Ontario and British Columbia allowed the junior miner to proceed with a private placement equity offering.
- Shortly after HL launched its ~$10M bid, Dolly Varden announced a proposed $6M private placement that would be equal to ~43% of the company’s market value.
- After regulators recently changed Canadian takeover rules to reduce the effectiveness of poison pills, which had been a common takeover defense, Dolly Varden’s response to HL’s hostile bid has raised question about whether private placements could emerge as a common defense in Canada.
Tue, May 24, 8:55 AM
- Mines Management (NYSEMKT:MGN) +34.1% premarket after Hecla Mining (NYSE:HL) agrees to acquire the exploration-stage mining company through a share exchange.
- In the proposed merger, each outstanding MGN share will be exchanged for 0.2218 of an HL common share.
- Following the closing of the merger, HL says it plans to advance the evaluation program of MGN's Montanore project, which is considered one of the largest undeveloped silver and copper deposits in North America.
Mar. 27, 2015, 8:20 AM
- Hecla Mining (NYSE:HL) agrees to acquire Revett Mining (NYSEMKT:RVM) in an all-stock deal valued at $20M.
- HL says it plans to continue to advance permitting of the Rock Creek project in Montana, one of North America's largest undeveloped silver and copper deposits; RVM has reported inferred resources of 229M oz. of silver and 2B lbs. of copper at Rock Creek.
May 28, 2013, 3:59 PM
May 10, 2013, 8:49 AM
More on Hecla Mining's (HL) Q1 results: Average realized silver prices fell 21%. Cash costs almost tripled to $7.02/oz., partly due to production start-up at its Lucky Friday mine in Idaho, which was shuttered for about a year. Aurizon Mines (AZK) shareholders vote in favor of the acquisition by HL, which should be completed during Q2 upon Canadian regulatory approval. Shares -2.1% premarket.| May 10, 2013, 8:49 AM | 3 Comments
Mar. 19, 2013, 6:28 PM
Alamos Gold (AGI) drops its hostile takeover offer for Aurizon Mines (AZK), saying its conditions have not been met due to a $27M break fee that would be payable to Hecla Mining (HL), which emerged with a white knight offer for AZK. HL's offer still requires approvals from two-thirds of votes cast at a shareholder meeting.| Mar. 19, 2013, 6:28 PM
Mar. 12, 2013, 8:21 AM
Alamos Gold (AGI) goes on the offensive in the takeover battle for Aurizon Mines (AZK), asking a securities regulator to reject both a proposed $27M break fee and poison pill it believes are highly irregular. AGI CEO John McCluskey says if he loses the hearing at the British Columbia Securities Commission, the company probably would drop its hostile bid and walk away.| Mar. 12, 2013, 8:21 AM
Mar. 11, 2013, 9:07 AM
Aurizon Mines (AZK) adopts a shareholder rights plan, seeking to prevent Alamos Gold (AGI) from using its voting power to defeat a better takeover offer from Hecla Mining (HL) and saying its plan will ensure all shareholders are treated equally. AZK says recent comments by AGI suggest it is attempting to gather enough shares to block the HL bid.| Mar. 11, 2013, 9:07 AM
Mar. 5, 2013, 8:00 AM
Aurizon Mines (AZK) urges shareholders to reject Alamos Gold's (AGI) takeover bid and approve the deal announced yesterday to sell itself to Hecla Mining (HL). AGI says it will not boost its offer, set to expire today, but argues that a combination with AZK would create a much more valuable company than the proposed deal with HL.| Mar. 5, 2013, 8:00 AM
Mar. 4, 2013, 11:59 AM
Hecla's (HL -11.6%) C$796M bid for Aurizon (AZK +3.5%) adds underground mines similar to those it already operates and reduces exposure to base metals by boosting its gold production, analysts say. But shares are plunging as the diversification effort is seen by investors as too costly; also noteworthy is the deal does not require shareholder approval.| Mar. 4, 2013, 11:59 AM | 2 Comments
Mar. 4, 2013, 8:34 AM
U.S. silver miner Hecla Mining (HL) agrees to acquire Canadian gold miner Aurizon Mines (AZK) for ~C$796M, nearly a month after AZK rejected an offer from Alamos Gold (AGI). The offer price of C$4.75/share represents a 9% premium to Aurizon's Friday closing of C$4.35. HL -9%, AZK +6.2% premarket.| Mar. 4, 2013, 8:34 AM | 1 Comment
Jan. 23, 2013, 9:28 AM
Aurizon Mines (AZK) says its board considers Alamos Gold's (AGI) $780M takeover offer "financially inadequate and opportunistic" and recommends shareholders reject the hostile bid. The offer is "timed to take advantage of a transition year for Aurizon that we believe will be the foundation of long-term value creation for our shareholders," AZK says.| Jan. 23, 2013, 9:28 AM | 2 Comments
Jan. 15, 2013, 10:43 AMAlamos Gold (AGI) is a low-cost, open-pit gold miner in Mexico, while Aurizon Mines (AZK +2.1%) is a higher-cost, underground gold miner in Quebec. With no obvious strategic fit, analysts were caught off-guard by AGI's hostile bid for AZK; a Raymond James analyst is concerned about operating issues at AZK’s Casa Berardi mine, while another at the same firm sees the mine as fairly valued. | Jan. 15, 2013, 10:43 AM
Jan. 15, 2013, 9:49 AM
Jan. 14, 2013, 8:11 AM
Alamos Gold (AGI) offers ~C$780M in cash and stock to acquire Aurizon Mines (AZK) to gain access to AZK's only operating gold mine, Casa Berardi, in northern Quebec. The bid values AZK at $4.65/share, a 36% premium over Friday's Toronto closing price. Alamos also applies to list its common shares on the NYSE under the AGI ticker. AZK +27.4% premarket.| Jan. 14, 2013, 8:11 AM
Aug. 7, 2012, 2:21 PM
Hecla Mining (HL -0.7%) ends its attempt to acquire U.S. Silver (USSIF.PK) after the developer of silver resources in Idaho said that a sufficient number of its common shareholders voted to approve a transaction with RX Gold & Silver. U.S. Silver had asked shareholders to reject Hecla's hostile bid.| Aug. 7, 2012, 2:21 PM