Hecla Mining Company (NYSE:HL) entered into an agreement to acquire remaining 95.1% stake in Alexco Resource Corp. (TSX:AXU) from Wheaton Precious Metals Corp. (TSX:WPM) and others for $76.9 million on July 4, 2022. Under the agreement, each Alexco share will be exchanged for a 0.116 of a share of Hecla common stock implying consideration of $0.47 per Alexco common share. In the event of termination, Alexco will pay to Hecla, a termination fee of $10 million. The transaction will be implemented by a Court-approved plan of arrangement under the Business Corporations Act. Following completion of the arrangement, Alexco?s shares are expected to be delisted from the Toronto Stock Exchange and NYSE American.

The transaction is subject to approval of Alexco shareholders, applicable regulatory approvals, the Interim Order and the Final Order of the Supreme Court of British Columbia. shall each have been obtained on terms consistent with the agreement, approvals, applicable waiting periods under subsection 123(1) of the Competition Act shall have expired or have been terminated, Dissent Rights shall not have been validly exercised by holders of more than 5% of the Alexco Shares, Hecla shall have delivered evidence to Alexco of the conditional approval of the listing and posting for trading on the NYSE of the Hecla Shares to be issued as Consideration pursuant to the Plan of Arrangement and customary closing conditions. The Board of Directors of Alexco and Hecla have both unanimously approved the transaction. The Board of Directors of Alexco unanimously recommends that Alexco shareholders vote in favor of the transaction. A special meeting of shareholders, option holders, restricted share unit holders, and deferred share unit holders of Alexco will be held on August 30, 2022, in connection with the proposed business combination. On July 27, 2022, the Court issued an interim order. On July 27, 2022, the Commissioner of Competition issued an advance ruling certificate. The Court hearing for the final order to approve the Arrangement is currently scheduled to take place on September 1, 2022. On August 30, 2022, the securityholders of Alexco have approved the acquisition at the special meeting. On September 1, 2022, Alexco obtained final order from the Court approving the acquisition. As of July 28, 2022, the proposed closing date of the arrangement is September 7, 2022.

BMO Capital Markets is acting as financial advisor to Hecla in connection with the Transaction. Alan Hutchison, Jeremy Fraiberg and Martha Martindale of Osler, Hoskin & Harcourt LLP is serving as Canadian counsel to Hecla and K&L Gates is acting as U.S. counsel to Hecla. Cormark Securities Inc. is acting as financial advisor to Alexco and provided an opinion to the Alexco Board of Directors that the transaction is fair from a financial point of view to Alexco shareholders. Steven McKoen of Blake, Cassels & Graydon LLP is serving as counsel to Alexco. Computershare Investor Services Inc. served as transfer agent and Laurel Hill Advisory Group, LLC served as proxy solicitor to Alexco.

Hecla Mining Company (NYSE:HL) completed the acquisition of remaining 95.1% stake in Alexco Resource Corp. (TSX:AXU) from Wheaton Precious Metals Corp. (TSX:WPM) and others on September 7, 2022.