By Devika Patel
Knoxville, Tenn., Dec. 11 - Hecla Mining Co. said it arranged a registered direct offering of stock to raise $21 million.
The company will sell approximately 10.24 million shares of common stock at $2.05 per share.
Investors also will receive series 1 warrants for approximately 7.68 million shares, which are exercisable at $2.45 for five years, and series 2 warrants for up to 7.68 million shares, which are exercisable at $2.35 until Feb. 28.
Rodman & Renshaw, LLC is the placement agent.
Settlement is expected Dec. 15.
Hecla, based in Coeur d'Alene, Idaho, mines, processes and explores for silver and gold.
| Issuer: | Hecla Mining Co.
|
| Issue: | Common stock
|
| Amount: | $21 million
|
| Shares: | 10.24 million (approximate)
|
| Price: | $2.05
|
| Warrants: | Series 1 warrants for approximately 7.68 million shares, series 2 warrants for up to 7.68 million shares
|
| Warrant expiration: | Five years (series 1), Feb. 28 (series 2)
|
| Warrant strike price: | $2.45 (series 1), $2.35 (series 2)
|
| Agent: | Rodman & Renshaw, LLC
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 15
|
| Stock symbol: | NYSE: HL
|
| Stock price: | $2.33 at close Dec. 10
|
| Market capitalization: | $289 million
|
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