Hecla to Acquire ATAC Resources

Hecla Mining Co. plans to acquire ATAC Resources Ltd. and its Rackla and Connaught projects in Yukon, Canada. Under the proposed transaction, the Hecla’s subsidiary, Alexco Resource Corp., would acquire all of the shares of ATAC for $22.8 million, or 0.0166 Hecla share per share of ATAC.

“The acquisition of ATAC reflects the continued execution of our strategy of acquiring significant land packages in highly prospective and tier one mining jurisdictions,” said Phil Baker, president and CEO, Hecla Mining. “The Rackla and Connaught projects would further consolidate our position in Yukon after our strategic acquisition of Keno Hill, which we are developing, and is expected to be the largest and the highest grade primary silver mine in Canada.”

As part of the proposed transaction, Hecla would also invest $1.5 million in seed capital, equal to a 19.9% interest, for a new exploration company Cascadia Minerals Ltd., which would be spun-out with certain properties to ATAC’s shareholders as part of the transaction.

As featured in Womp 2023 Vol 05 - www.womp-int.com