NetworkNewsBreaks – McEwen Mining Inc. (NYSE: MU
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Posted On: 06/25/2024 4:05:12 PM
NetworkNewsBreaks – McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Reports on $70M Private Placement, Funds to Support Los Azules Copper Project
McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, is reporting on a nonbrokered private placement financing. According to the announcement, the private placement is comprised of up to 2,333,333 common shares of its wholly owned subsidiary McEwen Copper Inc. The shares were offered at a subscription price of $30 per common share, resulting in gross proceeds of up to $70 million for the company; McEwen Copper currently has 30,937,615 common shares outstanding. McEwen anticipates using funds from the placement to advance work on a bankable feasibility study for the Los Azules copper project, which is scheduled for publication by Q1 2025. “Lead orders to purchase 27% of the total offering have been committed by McEwen Mining and Rob McEwen,” the company stated in the press release. “McEwen Mining will purchase up to 466,667 common shares of McEwen Copper for $14 million, and Rob McEwen will purchase up to 166,666 common shares for $5 million. Final investment amounts are subject to adjustment according to antidilution and preemptive rights on the part of other existing shareholders of McEwen Copper.”
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://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 (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, is reporting on a nonbrokered private placement financing. According to the announcement, the private placement is comprised of up to 2,333,333 common shares of its wholly owned subsidiary McEwen Copper Inc. The shares were offered at a subscription price of $30 per common share, resulting in gross proceeds of up to $70 million for the company; McEwen Copper currently has 30,937,615 common shares outstanding. McEwen anticipates using funds from the placement to advance work on a bankable feasibility study for the Los Azules copper project, which is scheduled for publication by Q1 2025. “Lead orders to purchase 27% of the total offering have been committed by McEwen Mining and Rob McEwen,” the company stated in the press release. “McEwen Mining will purchase up to 466,667 common shares of McEwen Copper for $14 million, and Rob McEwen will purchase up to 166,666 common shares for $5 million. Final investment amounts are subject to adjustment according to antidilution and preemptive rights on the part of other existing shareholders of McEwen Copper.”
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://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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