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ATAC Resources Ltd. Announces Letter of Intent with Hecla Mining Company
ATAC Resources Ltd. Announces Letter of Intent with Hecla Mining Company Canada NewsWir...
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[{"type":"text","content":"\n \n \n \n ATAC Resources Ltd. Announces Letter of Intent with Hecla Mining Company\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 0pt initial; BORDER-RIGHT:black 0pt initial; BORDER-BOTTOM:black 0pt initial; BORDER-LEFT:black 0pt initial\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 21, 2023\n \n \n /CNW/ - ATAC Resources Ltd. (\"\n \n ATAC\n \n \") (TSXV: ATC) (OTCQB: ATADF) is pleased to announce that it has signed a non-binding Letter of Intent (the \"\n \n LOI\n \n \") with Hecla Mining Company (\"\n \n \n Hecla\n \n \n \") (NYSE:HL) respecting a proposed transaction pursuant to which\n \n Hecla\n \n will acquire all of the issued and outstanding shares of ATAC for\n \n C$0.14\n \n per ATAC share, payable in shares of Hecla common stock (the \"\n \n Proposed Transaction\n \n \"). ATAC shareholders will also receive shares in a new exploration company (\"\n \n Spinco\n \n \") which will hold all of ATAC's rights and interests with respect to the Idaho Creek, Catch, Rosy and PIL projects (the \"\n \n Spinco Assets\n \n \") as well as ATAC's cash balance following completion of the Proposed Transaction.\n \n \n \n \n \n \n \n \n \n Pursuant to the LOI,\n \n Hecla\n \n intends to make a\n \n C$2.0 million\n \n strategic investment (the \"\n \n Strategic Investment\n \n \") into Spinco in which\n \n Hecla\n \n will acquire (i) a right of first refusal (\"\n \n ROFR\n \n \") to acquire any or all of the Spinco Assets, and (ii) a number of units of Spinco (the \"\n \n Spinco Units\n \n \") such that it will own 19.9% of Spinco's issued and outstanding common shares following completion of the Strategic Investment. Each Spinco Unit will contain one common share of Spinco (a \"\n \n Spinco Share\n \n \...