Hecla Mining declares payment of dividends on convertible preferreds

By Angela McDaniels

Tacoma, Wash., Dec. 1 - Hecla Mining Co.'s board of directors has elected to declare and pay all dividends in arrears and the next scheduled quarterly dividend for its preferred stock, according to a company news release.

Holders of series B cumulative convertible preferreds will be paid in cash for the dividends in arrears of $3.50 per share and the regular quarterly dividend of $0.875 per share.

For the 6.5% mandatory convertible preferreds, the dividends in arrears of $6.50 per share and the regularly quarterly dividend of $1.625 per share will be paid in shares of common stock. The company said it is paying the dividend in common shares to preserve cash for its exploration and development programs.

In each case, the dividend will be payable Jan. 4 to shareholders of record as of Dec. 15.

The value of the shares of common stock issued as dividends will be calculated at 97% of the average of the closing prices of Hecla's common stock over the five consecutive trading days ending on the second trading day immediately preceding the dividend payment date.

The number of shares of common stock to be issued as dividends is capped at 4,816,365. If the number of shares to be issued would exceed this cap, the remaining dividends will be paid in cash.

Hecla mines, processes and explores for silver and gold and is based in Coeur d'Alene, Idaho.

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