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Posted On: 05/29/2024 5:15:07 PM
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NetworkNewsBreaks – McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Announces Financing to Fund Exploration and Development at the Fox Complex
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced that it priced a public financing to fund continued exploration and development at the Fox Complex in the Timmins region of Ontario, primarily focused on exploration drilling and the development of an underground access ramp from surface to mine the gold resources of Stock East and West. This represents the next area of production growth at the Fox Complex.
McEwen Mining intends to use the proceeds of this financing for qualifying Canadian Exploration Expenses within the meaning of subsection 66.1(6) of the Income Tax Act (Canada) and Canadian Development Expenses within the meaning of subsection 66.2(5) of the Income Tax Act (Canada). Subject to customary conditions, including approval from the Toronto Stock Exchange and New York Stock Exchange, the offering of 1,533,000 flow-through common shares for aggregate gross proceeds of US$22.0 million (Cdn$30,035,790) is expected to close on June 14, 2024. Total proceeds net of placement agents’ fees is expected to be US$20.9 million (Cdn$28,534,000).
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://nnw.fm/MUX
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced that it priced a public financing to fund continued exploration and development at the Fox Complex in the Timmins region of Ontario, primarily focused on exploration drilling and the development of an underground access ramp from surface to mine the gold resources of Stock East and West. This represents the next area of production growth at the Fox Complex.
McEwen Mining intends to use the proceeds of this financing for qualifying Canadian Exploration Expenses within the meaning of subsection 66.1(6) of the Income Tax Act (Canada) and Canadian Development Expenses within the meaning of subsection 66.2(5) of the Income Tax Act (Canada). Subject to customary conditions, including approval from the Toronto Stock Exchange and New York Stock Exchange, the offering of 1,533,000 flow-through common shares for aggregate gross proceeds of US$22.0 million (Cdn$30,035,790) is expected to close on June 14, 2024. Total proceeds net of placement agents’ fees is expected to be US$20.9 million (Cdn$28,534,000).
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://nnw.fm/MUX
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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