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Klondex Mines shares tick higher as shareholders approve Hecla transaction

Under the scheme, Hecla will acquire Klondex for US$462mln..
Klondex Mines shares tick higher as shareholders approve Hecla transaction
Klondex is focused on Nevada

Nevada-focused precious metals miner Klondex Mines Ltd (TSE:KDX,NYSE:KLDX) shares nudged higher as its proposed acquisition by Hecla announced in March this year received approval from Klondex shareholders.

Of Klondex shareholders and security holders who voted, around 99.61% Klondex voted in favour of the special resolution approving the plan of arrangement, the firm said.

Klondex owns the Fire Creek mine, the Midas mine and milling facility, and the Hollister mine, all in Nevada - a mining sweetspot.

As reported in March, under the scheme, Hecla will acquire Klondex for US$462mln. Its Canadian assets (in Manitoba) will be spun out to existing shareholders.

Klondex's shareholders will receive US$2.47 per share in cash or shares of Hecla, representing a big 59%premium to Klondex's 30-day volume-weighted average price, as of Friday (March 16), on the NYSE American.

Subject to customary conditions, the transaction is expected to close on or about July 20, this year.

Klondex shares in Toronto added 1.31% to C$3.10.

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