By A.J. Roan
Mining News
ATAC extends LOI with Hecla another month
Companies need more time for due diligence ahead of sale North of 60 Mining News - March 17, 2023
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Last updated 3/16/2023 at 6:12pm
ATAC Resources Ltd.
Under the current agreement, Hecla will acquire ATAC for C14 cents a share, resulting in nearly C$31 million in Hecla shares and a value of approximately C$8 million shares for a spinoff copper exploration company that will hold ATAC's earlier staged assets and an initial C$2 million invested by Hecla.
ATAC Resources Ltd. March 14 announced that it has extended the effective period of the letter of intent with Hecla Mining Company from the initial date of March 15 to April 14.
Last month, ATAC and Hecla announced the mutual entering of a non-binding letter of intent for Hecla to acquire all issued and outstanding shares of ATAC.
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