VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - Aurizon Mines Ltd. (ARZ.TO)(NYSE MKT:AZK) ("Aurizon" or the "Company") announces the preliminary results of the consideration elections under the terms of the Company's previously announced arrangement with Hecla Mining Company ("Hecla"). Under the arrangement, Aurizon securityholders were entitled to elect to receive CAD$4.75 (the "Cash Consideration") or 0.9953 of a Hecla share (the "Share Consideration") per Aurizon share, subject in each case to pro-ration based on a maximum cash consideration of approximately CAD$513.6 million and a maximum of 57,000,000 Hecla shares.
The results of the elections received prior to the election deadline of 4:00 p.m. (Toronto time) on May 7, 2013 are as follows:
- securityholders representing 148,284,889 Aurizon shares elected to receive the Cash Consideration, which elections represent CAD$704,353,223 in aggregate, and
- securityholders representing 17,300,620 Aurizon shares elected or were deemed to have elected to receive the Share Consideration, which elections represent 17,219,307 Hecla shares in aggregate.
Since the aggregate elections for Cash Consideration exceed the CAD $513.6 million available under the arrangement, securityholders who elected to receive the Cash Consideration will be subject to pro-ration in the manner described in Aurizon's management information proxy circular dated April 10, 2013.
These election results and the resulting effect of pro-ration are subject to resolution of deficient elections still outstanding that affect an immaterial number of Aurizon shares, and are also subject to change if the election date is extended in accordance with the terms of the arrangement.
Completion of the arrangement is subject to various conditions, including Hecla receiving approval under the Investment Canada Act.
The special meeting of the shareholders and optionholders of Aurizon to approve the arrangement will be held on May 9, 2013 at The Vancouver Club, in the University Room, 3rd Floor, 915 West Hastings Street, Vancouver, BC, V6C 1C6 at 1:00 p.m. (Vancouver time).
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the NYSE MKT under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at www.aurizon.com.
Established in 1891, Hecla believes it is the largest and lowest-cost primary silver producer in the U.S. The company has two operating mines and exploration properties in four world-class silver mining districts in the U.S. and Mexico. Additional information on Hecla and its properties is available on its website at http://hecla-mining.com.