TSX Top Traders: (ARZ), (KEL), (CLQ), (PSB)
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Visit: Aurizon Mines Ltd.
New York, New York - March 4, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top traders on the TSX for March 4th, 2013.
Aurizon Mines Ltd., (TSX:ARZ) trading at $4.530 gained $0.180 or 4.14% on a high volume of 10,052,210 shares, making it today's top trader on the TSX.
Silver miner Hecla is adding a Canadian gold mine to its business by buying miner Aurizon for about $775 million, with the acquisition having been approved by Aurizon's board.
Hecla Mining Co., which is based in Coeur D'Alene, Idaho, said earlier today that it would buy the Canadian company's outstanding shares for cash and stock totaling 4.75 Canadian dollars ($4.63) each, 9 percent above the Friday closing price of Aurizon Mines Ltd.'s U.S.-traded shares. The companies said their agreement valued Aurizon at CA$796 million.
Aurizon's board in January rejected a buyout offer from Alamos Gold Inc., another Canadian gold producer. Alamos had bid CA$780, then worth about $792 million, for Aurizon.
Shareholders can chose to receive CA$4.75 Canadian in cash or 0.9953 of a Hecla share. Hecla will pay up to CA$513.6 million in cash and issue up to 57 million shares.
Hecla said that the combined company's mining assets would be in "politically stable" locations and would have a lower cost structure. Hecla expects its primary silver mines to produce between 8 million and 9 million ounces of silver in 2013, while Aurizon expects its Casa Berardi mine in Quebec to produce 125,000 to 130,000 ounces of gold this year.
Assuming the deal is approved by Aurizon shareholders, it's expected to close by the end of June. Based on current share prices, the combined company is expected to have a market capitalization of about $1.64 billion.
Kelt Exploration Ltd., (TSX:KEL) trading at $5.500 rose by $0.100 or 1.85% on a volume of 4,662,220 shares.
Canadian Lithium Corp., (TSX:CLQ) trading at $0.690 dropped $-0.070 or -9.21% on a volume of 4,153,260 shares.
Canada Lithium Corp. announced today that it has entered into an agreement with a syndicate of underwriters led by Casimir Capital Ltd., and including Mackie Research Capital Corporation, Scotia Bank Limited, Dundee Securities Ltd. and Fraser Mackenzie Limited, to purchase, on a bought-deal basis, 27,397,260 common shares of Canada Lithium at a price of $0.73 per common share for total gross proceeds of approximately $20 million. In addition, the Company has granted the Underwriters an option to purchase up to an additional 4,109,589 common shares at the Offering Price, exercisable at any time prior to the 30th day after the closing of the offering, for additional gross proceeds of up to approximately $3 million.
The financing is anticipated to close on or about March 25, 2013.
The Company will use the proceeds to fund initial stages of several previously announced capital projects, including lithium hydroxide and sodium sulphate circuits, preliminary engineering/design of a lithium metal pilot plant, a natural gas pipeline and for working capital and general corporate purposes.
PowerShares 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (TSX:PSB) trading at $20.030 stayed with a volume of 2,921,029 shares.
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