Boston, MA 27/06/2013 (wallstreetpr) – Hecla Mining Company (NYSE:HL) is presently attempting to exercise its pre-emptive rights which would enable it to maintain the pro rata interest in the Brixton Metals Corporation. Such exercise of rights by the company is in respect of the ancillary rights agreement signed by the two companies early in February 2013.
In line with this agreement, it had been proposed that the wholly owned subsidiary of Hecla Mining Company (NYSE:HL) would exercise the subscription of 1.7 million common equity shares of Brixton Metals Corporation. The price for subscription to such common shares had been fixed at $0.18 per share. Further the subsidiary of Hecla Mining Company (NYSE:HL) would also subscribe to 0.45 million common shares for a price of $0.16 per share. All such subscriptions would finally end in around 19.8 percent ownership of Brixton Metals corporation by Hecla Mining Company (NYSE:HL).
The shares of Hecla Mining Company (NYSE:HL) had been plummeting by around 6.64 percent and had thereby had reached $2.67 per share when the market closed for trading on Wednesday. The shares of the company had recorded minimal fluctuations in intraday price movements within the range of $2.66 to $2.78 per share during the day, after it had opened at $2.73 per share. The recent trading in shares of Hecla Mining Company (NYSE:HL) had led the company to record new 52 week low price level at $2.66 per share, while the 52 week high price level of the company stays at $6.94 per share.
Hecla Mining Company (NYSE:HL) had been witnessing the exchange of 7.96 million shares for the last trading session on Wednesday, while the average level of trading volume for the company is at 8.76 million shares per day. Around 54 percent of the total capital of Hecla Mining Company (NYSE:HL) is held under institutional ownership and the company presently has a total of 285.16 million shares outstanding in the market.
