Hecla Withdraws Bid for Dolly Varden
July 25 2016 - 1:15PM
Business Wire
Hecla Mining Company (NYSE:HL) today announced the withdrawal
and termination of its bid for Dolly Varden Silver Corporation.
“We are disappointed with Dolly Varden's expensive debt
financing followed by its planned dilutive private placement that
effectively acts as a poison pill, raising the cost of acquiring
Dolly Varden by more than 50%. Despite withdrawing our bid, Hecla
will invest to maintain our 15.7% interest in Dolly Varden because
of our long term commitment to the Dolly Varden property. We are
disappointed that the Securities Commissions' decisions take away
the ability of existing shareholders to choose our premium bid,
effectively forcing their continued ownership of Dolly Varden,”
said Phillips S. Baker, Jr., Hecla’s President and CEO.
About Hecla
Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading
low-cost U.S. silver producer with operating mines in Alaska, Idaho
and Mexico, and is a growing gold producer with an operating mine
in Quebec, Canada. The Company also has exploration and
pre-development properties in six world-class silver and gold
mining districts in the U.S., Canada, and Mexico, and an
exploration office and investments in early-stage silver
exploration projects in Canada.
For further information, please contact:Mike WesterlundVice
President - Investor Relations800-HECLA91
(800-432-5291)hmc-info@hecla-mining.com
Cautionary Note Regarding Forward-Looking
StatementsStatements 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, 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 the Company's Form 10-K
and 10-Q reports for a more detailed discussion of factors that may
impact expected future results. The Company undertakes no
obligation and has no intention of updating forward-looking
statements other than as may be required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160725006078/en/
Hecla Mining CompanyInvestor Relations,
1-800-432-5291hmc-info@hecla-mining.com
Hecla Mining (NYSE:HL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hecla Mining (NYSE:HL)
Historical Stock Chart
From Sep 2023 to Sep 2024