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Hecla Announces $21 Million Equity Transaction

posted on Dec 20, 08 10:57AM
Hecla Announces $21 Million Equity Transaction
COEUR D'ALENE, Idaho, Dec 11, 2008 (BUSINESS WIRE) -- Hecla Mining Company (NYSE:HL) today announced it has entered into a definitive agreement to sell securities to selected institutional investors for aggregate gross proceeds of $21 million. The offering will be made pursuant to Hecla's existing Form S-3 shelf registration statement and base prospectus filed with the Securities and Exchange Commission (SEC). The offering is expected to close no later than December 15, 2008, subject to the satisfaction of customary closing conditions.

The securities in the sale include approximately 10.24 million shares of Hecla's common stock, priced at $2.05 per share, along with Series 1 warrants to purchase up to approximately 7.68 million shares of Hecla common stock at an exercise price of $2.45 per share, expiring in five years; and Series 2 warrants to purchase up to 7.68 million shares of Hecla common stock at an exercise price of $2.35 per share, expiring on February 28, 2009.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the offering.
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