Shares of Hecla Mining (HL) saw a bad start to the trading week. Shares in the mining company focused on the development, production and marketing of silver, gold, lead and zinc fell more than 12% in Monday's trading session after the company announced its intentions to acquire Aurizon Mines (AZK).
Shares of the US listing of Aurizon rose 5.0% in a response to the news on Monday, but gave up all those gains on Tuesday.
The Deal
Hecla Mining announced that it has agreed to acquire Aurizon Mines, a Canadian-based gold producer with operations in the North-Western region of Quebec. Under terms of the deal, Hecla will acquire the shares of Aurizon for CAD $4.75 per share, or 0.9953 shares of Hecla.
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