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McEwen Mining announces US$25 million registered direct offering

Published by , Editorial Assistant
Global Mining Review,

McEwen Mining Inc. has announced that it has entered into definitive agreements with an institutional investor, and certain directors and officers of the company, including Rob McEwen, pursuant to which such investors have agreed to purchase units of the company for aggregate gross proceeds of US$25 million in a registered direct offering.

McEwen Mining intends to use the net proceeds from this offering to fully fund its current mining projects and exploration prospects, for additional operating capital and for general working capital purposes.

Rob McEwen, chairman and chief owner of McEwen Mining, stated “I am pleased to say that this financing provides us with the flexibility we need to take advantage of additional opportunities at our operations.”

McEwen Mining is a growing gold and silver miner that produced 176 000 oz. gold equivalent in 2018. It owns interests in several mines, two of which are located in the world’s top gold mining jurisdictions of Nevada and Timmins. In addition, it owns a large undeveloped copper deposit in Argentina.

Each unit is priced at US$1.55 and consists of a share of common stock and one half of a warrant to purchase common stock. Each full warrant is exercisable into one share of common stock. The warrants are immediately exercisable and have a term of three years and an exercise price of US$2.00.

Roth Capital Partners and Alliance Global Partners (AGP) are acting as exclusive lead placement agents for the units offered in the US and internationally (except Canada). Maison Placements is acting as exclusive placement agent for the units offered in Canada.

The offering is expected to close on 29 March 2019 and is subject to customary closing conditions, including approvals from the TSX and the NYSE. The subscription by insiders is subject to shareholder approval at the annual general meeting of shareholders to be held on 23 May 2019.

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