Hecla announces dividend for 6.5% mandatory convertible preferreds

By Devika Patel

Knoxville, Tenn., June 30 - Hecla Mining Co.'s board of directors has declared and will pay a $1.625 per share regular quarterly dividend on the company's 6.5% mandatory convertible preferreds for a payout of $3.27 million of common stock.

Holders will receive 0.3004 common shares per preferred. The value of the common shares was calculated at 97% of $5.58, the average of the closing prices of Hecla's stock over the five consecutive trading-day period ending on the second trading day immediately preceding the dividend payment date of July 1.

The company won't issue fractional shares, so a cash adjustment will be paid to each holder that would be entitled to a fraction, based on a price of $5.58 per share.

There are 2,012,500 preferreds outstanding.

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

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