Orezone Gold (ASX:ORE) agreed to acquire Hecla Mining subsidiary Hecla Quebec, which holds 100% ownership of the Casa Berardi gold mine and a portfolio of exploration properties in Canada, for an upfront and deferred consideration of $352 million, according to a Tuesday filing with the Australian bourse.

The upfront consideration consists of $160 million in cash and $112 million in shares, while the deferred consideration of $80 million is composed of two cash installments payable at 18 months and 30 months upon closing of the transaction, the filing said.

The transaction also involves a contingent consideration of up to $241 million.

The company expects closing of the transaction will occur in the first quarter of the year, per the filing.

Orezone Gold shares rose nearly 16% in morning trade Tuesday and earlier reached an all-time high.