Hecla Mining exchanges convertible preferreds for stock

New York, Nov. 20 - Hecla Mining Co. said it will exchange 141,300 shares of its series B cumulative convertible preferred stock or $7.065 million face amount for 1,073,880 shares of common stock.

The Coeur D'Alene, Idaho-based silver and gold mining company said the agreement is with a single holder whose preferreds make up 18.8% of the amount currently outstanding. The transaction was initiated at the request of the holder.

The stock will be issued in the exchange at a rate of 7.6 shares of common stock per share of convertible preferred, including outstanding dividends.

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