U.S. silver miner Hecla Mining Co will purchase Aurizon Mines Ltd for about C$796 million ($774 million), topping an unsuccessful bid by the Canadian company's largest shareholder to gain control of a gold mine in Quebec.Hecla shares fell more than 11 percent to $4.11 in early trading, while Aurizon shares rose as much as 6 percent to C$4.60 on the Toronto Stock Exchange.Hecla, the second-largest U.S. silver miner by output, offered C$4.75 per share to acquire Vancouver, British Columbia-based Aurizon, the companies said.The offer price represents a 9 percent premium to Aurizon's Friday close of C$4.35 on the Toronto Stock Exchange.
Aurizon Mines Ltd. (Aurizon), incorporated on April 8, 1988, is a Canada-based gold producer with operations and development activities in the Abitibi region of north-western Quebec. Shares of ARZ traded higher by 4.83% or $0.21/share to $4.56. In the past year, the shares have traded as low as $3.15 and as high as $5.55. On average, 1093580 shares of ARZ.TO exchange hands on a given day and today's volume is recorded at 500844.
Aurizon Mines Ltd. (Aurizon), incorporated on April 8, 1988, is a Canada-based gold producer with operations and development activities in the Abitibi region of north-western Quebec. Shares of AZK traded higher by 5.21% or $0.22/share to $4.44. In the past year, the shares have traded as low as $3.19 and as high as $5.57. On average, 927818 shares of AZK exchange hands on a given day and today's volume is recorded at 411486.
Hecla Mining Company is engaged in discovering, acquiring, developing, producing, and marketing silver, gold, lead and zinc. Shares of HL fell by 11.21% or $-0.52/share to $4.12. In the past year, the shares have traded as low as $3.70 and as high as $6.94. On average, 3428980 shares of HL exchange hands on a given day and today's volume is recorded at 1910302.
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