Proxy Advisory Firm Recommends Alexco Shareholders Approve Sale to Hecla

Dow Jones2022-08-15

By Adriano Marchese

Alexco Resource Corp. said Monday that an independent proxy advisory firm has recommended company shareholders accept the acquisition proposal by a Hecla Mining Co. subsidiary.

The Yukon-based miner Alexco Resource said that Institutional Shareholder Services Inc. recommends shareholders vote in favor of the proposed acquisition by the Hecla Mining unit 1080980 B.C. Ltd.

In early July, Hecla Mining agreed to buy all shares of Alexco that it doesn't already own, and that it would pay Wheaton Precious Metals Corp. $135 million in its own shares for it to terminate its silver streaming interest with Alexco.

A special meeting is scheduled for Aug. 30, where shareholders would be asked to consider the arrangement.

"The transaction makes strategic sense as shareholders will benefit from jurisdictional and project risk diversification, enhanced financing capacity and access to capital, and the benefits conferred by a consolidation of assets with Hecla," the advisory firm said.

Write to Adriano Marchese at adriano.marchese@wsj.com

$(END)$ Dow Jones Newswires

August 15, 2022 08:14 ET (12:14 GMT)

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  • Survival
    2022-08-15
    Survival
    Great consolidation is needed in time of recession 
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