"The transaction makes strategic sense as shareholders will benefit from jurisdictional and project risk diversification, enhanced financing capacity and access to capital, and the benefits conferred by a consolidation of assets with Hecla," the advisory Institutional Shareholders Services said.
The two companies announced a definitive agreement for the acquisition on 5 July, which involves each outstanding common share of Alexco being exchanged for 0.116 of a share of Hecla common stock, implying a consideration of $0.47 per Alexco common share.
The deal will see the US' largest and highest-grade silver producer, Hecla, adding Canada's largest and highest-grade silver reserve to its portfolio.
Alexco owns and operates the majority of the historic Keno Hill Silver District in Canada's Yukon Territory.
Alexco's share price was $0.51 on 15 August, giving the company a market capitalisation of $88.82 million.
Hecla's share price was $4.47 with a market capitalisation of $2.42 billion.