Precious metals producer Hecla Mining Co. (NYSE: HL) is buying gold mining company Aurizon Mines Ltd. (TSX: ARZ, NYSE: AZK) for $775.2 million.

The purchase price works out to $4.62 per share. The shares closed at $4.22 on March 1 and opened at $4.40 Monday.

Coeur d’Alene, Idaho-based Hecla has a $500 million financing commitment from the Bank of Nova Scotia, which includes a $200 million amortizing term loan with a three-year maturity, a $200 million three-year revolving credit facility and an additional $100 million loan that will mature shortly after the deal closes. 

In February, Hecla bought a 19.8 stake in Brixton Metals Corp., a resource exploration company. Coeur d’Alene Mines Corp. (NYSE: CDE) offered to buy Orko Silver Corp. (NYX: OK) for $381.9 million.

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