American silver miner Hecla Mining Co. announced plan to acquire Aurizon Mines Ltd. in a deal worth about C$796 million to get access to a gold mine in Quebec, several weeks after Aurizon declined a takeover bid from Alamos Gold Inc.

Hecla signed an agreement that provides it with the power to match any offers from potential competitors and requires a termination fee of C$27.2 million to be paid by Aurizon.

Under the terms to the deal of C$4.75 per share, shareholders of Aurizon can elect to receive either 0.9953 of a Hecla share or C$4.75 in cash.

Phillips Baker, Hecla's chief executive, said in a statement that the company, together with Aurizon, makes a precious metal firm with high-grade yet cheap mines in some of the world's best mining jurisdictions.

A precious metal miner for more than 120 years, Hecla expects a production of about 8 million to 9 million ounces of silver from its major silver mines this year.

Aurizon had received an acquisition offer for C%4.35, which it then rejected, from Alamos, which is Aurizon's largest shareholder with 16% holding.

The combined firm from the merger will have an about $1.64 billion market capitalization, Hecla expected.