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 Westerlund
Vice
President - Investor Relations
800-HECLA91 (800-432-5291)
hmc-info@hecla-mining.com
Cautionary Note Regarding Forward-Looking Statements
Statements
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.
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Contacts:
Investor Relations, 1-800-432-5291
hmc-info@hecla-mining.com