2 Aug 2018listing compliance notice▼ BadMajor
Klondex Mines Unlimited Liability Co terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2018business combination● NeutralMajor
Hecla completed its acquisition of Klondex on July 20, 2018, resolving the pending deal. Klondex shares were converted into the right to receive cash and/or Hecla shares (e.g. 0.6272 Hecla share, or US$0.8411 plus 0.4136 Hecla share, or US$0.8867 plus 0.4020 Hecla share for prorated cash electors) plus 0.125 of a Havilah Mining Corporation share, which holds the spun-out Canadian assets. Klondex is now a wholly owned Hecla subsidiary, all directors and the named senior officers resigned, NYSE American trading stopped July 23, 2018, and the company intends to file a Form 15 to end its reporting.
23 July 2018listing compliance notice● NeutralMajor
Klondex Mines Unlimited Liability Co's exchange filed to remove a class of its securities from listing.
9 July 2018business combination● Neutral
On July 5, 2018 Klondex, Hecla and Hecla's subsidiary amended the Hecla arrangement agreement again, changing how the maximum cash and maximum Hecla share amounts are calculated so they account for in-the-money warrants that might not be exercised before closing. The filing says the exchange ratio and the consideration per share do not change, so the deal remains pending ahead of the July 12 vote.
12 June 2018business combination● NeutralMajor
Klondex filed the final proxy statement for the July 12, 2018 Toronto meeting, where securityholders vote on the Hecla arrangement as amended June 4, 2018. Terms are the same as in the preliminary version: US$2.47 of cash and/or Hecla shares plus 0.125 of a Havilah share per Klondex share. The board unanimously recommends a vote in favour, and approval needs two-thirds of votes cast plus British Columbia Supreme Court approval. The vote has not yet taken place.
5 June 2018material agreement● Neutral
On June 4, 2018 Klondex, Hecla and Hecla's subsidiary amended the arrangement agreement, moving the outside date from July 16, 2018 to July 30, 2018 and making other changes to the plan of arrangement that the filing calls immaterial. The deal terms are unchanged and the deal is still pending.
23 May 2018business combination● NeutralMajor
Klondex filed a preliminary proxy statement for the shareholder meeting to vote on the Hecla deal, with the meeting date still blank. It repeats the terms: US$2.47 of cash and/or Hecla shares plus 0.125 of a Havilah Mining share (the new company for the Canadian assets) per Klondex share. Approval needs two-thirds of votes cast. Directors, officers and two institutional holders with 23.60% of shares have agreed to vote in favour. The filing lists 180,179,588 shares outstanding as of May 16, 2018. In-the-money options, RSUs and deferred share units are exchanged for shares or cash, performance RSUs are paid in cash, 300,000 options with an exercise price above US$2.71 are cancelled for nothing, and 5,000,000 warrants priced above US$2.71 stay outstanding. The deal is not yet approved.
26 Mar 2018business combination● Neutral
Klondex furnished the Canadian material change report it filed on March 26, 2018, which summarises the March 16 Hecla arrangement agreement. It adds no new terms beyond the earlier 8-K.
19 Mar 2018business combination● NeutralMajor
On March 16, 2018 Klondex agreed to be acquired by Hecla Mining Company. Shareholders would get US$2.71 per share: US$2.47 in cash, Hecla shares or a mix (US$0.8411 cash plus 0.4136 Hecla share if prorated or no election), plus US$0.24 in shares of a new company holding Klondex's Canadian assets (0.125 of a share after a 1-for-8 consolidation). Cash is capped at US$157,410,417 and Hecla shares at 77,411,859. Either side may owe a US$21 million termination fee in certain circumstances. This is a new thread, and follows the Waterton share purchases of the prior weeks (no link is stated in the filing). Shareholder approval and regulatory clearance are still needed.
26 Feb 2018material agreement▲ GoodMajor
On February 13, 2018 Klondex and Investec added a $5 million inventory draw to the revolving facility, raising it from $40 million to $45 million; a December 21, 2017 amendment had earlier raised it from $35 million to $40 million. Klondex also said its February 11, 2014 gold purchase agreement with Franco-Nevada GLW Holdings Corp. is terminated because the parties completed their obligations, which resolves the Franco-Nevada stream referenced in the March 2017 facility amendment.
22 Dec 2017resource reserve update● Neutral
Klondex announced on December 21, 2017 an initial open pit mineral resource estimate for its Fire Creek Mine in Nevada. The filing only references the press release and gives no figures.
25 Oct 2017business combination● NeutralMajor
On October 19, 2017 Klondex completed its acquisition of Bison Gold Resources Inc. under a court-approved arrangement, making Bison a wholly-owned subsidiary. It paid about $7.0 million (CDN$8.8 million) by issuing 1,956,126 shares (about 1.1% of outstanding shares) and assumed Bison warrants convertible into 1,242 Klondex shares in total, exercisable at C$2.4155 until May 21, 2018. The deal was announced August 7, 2017 and amended September 6, 2017.
10 Aug 2017resource reserve update● Neutral
Klondex furnished an amended and restated pre-feasibility technical report for the Hollister underground mine (effective May 31, 2017), filed on SEDAR August 9, 2017. It supports the reserve announced in July; the filing text gives no new figures.
13 July 2017resource reserve update▲ GoodMajor
Klondex reported an initial Hollister reserve of 116.1 thousand gold-equivalent ounces (199.5k tons at 0.582 AuEq oz/ton), split between the Hollister Main zone (51.5k oz) and the Gloria zone (64.6k oz), as of May 31, 2017. A drill program of about 20,000 ft began June 17 at Hatter Graben to aim for an inferred resource by year-end or early 2018, depending on permitting of drill pads by end of Q3. Management says the reserve supports 2017 production guidance of 30,000-35,000 AuEq oz. Hollister was acquired in October 2016.
21 June 2017resource reserve update● Neutral
Klondex announced an initial mineral resource estimate for the Hollister Mine on June 21, 2017. The filing gives no figures; the reserve estimate that followed is reported in July.
12 May 2017resource reserve update● Neutral
Klondex announced an updated mineral reserve estimate for True North through a May 12, 2017 press release, following the March resource update for the same mine. The filing gives no numbers.
3 May 2017drilling progress report● Neutral
Klondex issued a press release on May 3, 2017 with a project development and drilling update at its Hollister Mine. The filing itself contains no results or figures.
6 Apr 2017material agreement▲ GoodMajor
On March 31, 2017, Klondex and Investec Bank PLC amended the $35.0 million secured revolving facility from March 2016. The maturity moved from March 23, 2018 to December 31, 2019 (unless extended further), and the reserve and resource levels Klondex must maintain were changed. Borrowings cost LIBOR plus a margin of 2.75%-4.00% (depending on its debt-to-EBITDA ratio) plus a 0.35% risk premium until the Franco-Nevada gold purchase balance falls below $10.0 million.
29 Mar 2017resource reserve update● Neutral
Klondex announced via press release an updated mineral resource estimate for its True North Gold Mine in Manitoba. The filing only references the press release and gives no figures, so the size or direction of the change is not stated here.
15 Mar 2017resource reserve update● Neutral
Klondex says it stopped being a foreign private issuer on January 1, 2017 and is now filing as a US domestic filer. It filed older documents as exhibits: a December 4, 2013 stock purchase agreement, seven executive employment agreements, and technical reports on Fire Creek (Nevada) and True North (Manitoba). No new figures or developments are given in the filing itself.
2 Oct 2015listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Klondex Mines Unlimited Liability Co's securities for listing, clearing them to begin trading.