Into December now and gold still going down. Hecla did ok today
considering the ongoing drop in precious yellow. Maybe this
news helped (P.S. Anyone else still following what-the-Hecla?):
Friday November 29 8:29 PM EDT
Hecla Mining Co. announcement
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Nov. 29, 1996--Hecla Mining Co.
reports that it has entered into a subscription agreement with
Aquiline Resources Inc. for the purchase of 670,500 common shares in
Aquiline at a price of Cdn. $1 per share for a total subscription
price of Cdn. $670,500, subject to regulatory approval.
The private placement by Aquiline to Hecla was previously announced by
Aquiline on Nov. 25, 1996.
Under the terms of the subscription agreement, Hecla advanced U.S.
$500,000 to Aquiline on account of the total subscription price, which
funds will be used by Aquiline for a property payment of U.S. $400,000
on the La Jojoba property in Magdalena, Sonora, Mexico, and for
general working capital.
The subscription agreement was entered into pursuant to the agreement
between Hecla and Aquiline dated Nov. 25, 1996 ("Letter Agreement")
under which Hecla will be granted an exclusive option to purchase a 60
percent interest in the project by paying Aquiline U.S. $2.1 million.
Following a due diligence period, Hecla will be required to either
proceed with the La Jojoba project or give up any interest in it. If
Hecla commits to proceed with the project, it is required to reimburse
Aquiline for the U.S. $400,000 property payment, be appointed as
manager of the project and to advance U.S. $1.1 million for the
purpose of advancing the development of the project.
If the transactions contemplated by the Letter Agreement are not
completed in certain circumstances, Aquiline is required to pay Hecla
a break-up fee of U.S. $250,000.
CONTACT: Hecla Mining Co.
Vicki Veltkamp, 208/769-4144 |
