Atac announces LOI with Hecla Mining CanadiansInvest
-NYSE] in connection with a proposed transaction that will see Hecla acquiring all the issued and outstanding shares of Atac for 14 cents per share, payable in common shares of Hecla.
Hecla Mining, the largest silver producer in the U.S., recently agreed to acquire all the shares of Alexco Resources it didn’t already own in an all-stock deal worth 47 cents a share. Each unit will contain one common share of the spin out company and one warrant. Each warrant will entitle Hecla to purchase one additional SpinCo share for five years at the same price as the spin out company unit.
It said the Hecla shares received would provide Atac shareholders with a premium of 66% based on Atac’s 20-day volume-weighted average price of $0.0845 as of February 17, 2023, or a 109% premium when including the value of Spinco.News of the Hecla proposal comes after Atac rejected an unsolicited non-binding proposal from Victoria Gold Corp. [
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