Hecla Mining to Acquire Mines Management
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Mines Management, Inc. and Hecla Mining Company have announced a merger agreement with Hecla acquiring Mines Management. In the proposed merger, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla. This represents a 41 percent 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.
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, CEO and chairman of Mines Management.
“Hecla is the logical company to move Montanore forward, with its close proximity to Rock Creek, as well as its similar geology and scale. 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,” said Phillips S. Baker, Jr., president and CEO of Hecla.
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.
To stop by Mines Management’s website, CLICK HERE
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