Hecla to buy Aurizon Mines for C$796 million

Mon Mar 4, 2013 6:39am EST
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(Reuters) - Hecla Mining Co (HL.N: Quote), the No.2 U.S. silver miner by output, said it will buy Canadian gold miner Aurizon Mines Ltd (ARZ.TO: Quote) for about C$796 million ($774.36 million), nearly a month after the Canadian company rejected an unsolicited offer from Alamos Gold Inc (AGI.TO: Quote).

The offer price of C$4.75 per share represents a premium of 9 percent to Aurizon's Friday closing of C$4.35.

Aurizon said last month it was in talks with a number of potential buyers.

($1 = 1.0280 Canadian dollars)

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Supriya Kurane)