Aurizon Mines Ltd. (TSX: T.ARZ, Stock Forum) said Tuesday that Ottawa has approved the $796-million takeover of the company by Hecla Mining Co. (NYSE: HL, Stock Forum).
The company said the industry minister has approved the deal following an Investment Canada Act review.
Closing of the arrangement is anticipated to occur on June 1, 2013, the company said in a press release.
Aurizon shares were down 8.6% Tuesday to $3.61, leaving the company with a market cap of $595.1 million, based on 164.8 million shares outstanding. The 52-week range is $5.51 and $3.15.
(with files from The Canadian Press).