McEwen Mining Announces Flow-Through Financing
November 22 2023 - 7:53AM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to announce a financing to fund continued exploration
and development at the Fox Complex in the Timmins region of
Ontario.
The proceeds of this financing will be used
exclusively for qualifying Canadian Exploration Expenditures (CEE)
and Canadian Development Expenditures (CDE), within the meaning of
subsection 66(15) of the Income Tax Act (Canada), on
McEwen’s properties in the Timmins region:
Part 1 (CEE) of the financing consists of a
US$7.3 million (Cdn$10,007,600) private placement
of 788,000 flow-through common shares at a price of US$9.27
(Cdn$12.70); and
Part 2 (CDE) of the financing consists of a
US$8.8 million (Cdn$12,008,550) private placement
of 1,115,000 flow-through common shares at a price of US$7.86
(Cdn$10.77),
(Part 1 (CEE) and Part 2 (CDE) together being
the “Offering”).
The Offering of 1,903,000 flow-through common
shares for US$16.1 million (Cdn$22,016,150) is
expected to close on December 14, 2023 (the “Closing”) and is
subject to customary closing conditions, including approval from
the TSX and NYSE.
This press release is not an offer of common
shares for sale in the United States. The common shares may not be
offered or sold in the United States absent registration or an
available exemption from the registration requirements of the US.
Securities Act of 1933, as amended (the "U.S. Securities Act"), and
applicable U.S. state securities laws. McEwen will not make any
public offering of the securities in the United States. The common
shares have not been and will not be registered under the U.S.
Securities Act, or any state securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities, in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, effects of the COVID-19 pandemic, fluctuations in the
market price of precious metals, mining industry risks, political,
economic, social and security risks associated with foreign
operations, the ability of the corporation to receive or receive in
a timely manner permits or other approvals required in connection
with operations, risks associated with the construction of mining
operations and commencement of production and the projected costs
thereof, risks related to litigation, the state of the capital
markets, environmental risks and hazards, uncertainty as to the
calculation of mineral resources and reserves, and other risks.
Readers should not place undue reliance on forward-looking
statements or information included herein, which speak only as of
the date hereof. The Company undertakes no obligation to reissue or
update forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 and other filings with the
Securities and Exchange Commission, under the caption "Risk
Factors", for additional information on risks, uncertainties and
other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements
and information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not
accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by management of
McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with
operations in Nevada, Canada, Mexico and Argentina. In addition, it
owns approximately 47.7% of McEwen Copper which owns the large,
advanced stage Los Azules copper project in Argentina. The
Company’s goal is to improve the productivity and life of its
assets with the objective of increasing its share price and
providing a yield. Rob McEwen, Chairman and Chief Owner has
personally provided the Company with $220 million and takes an
annual salary of $1.
WEB SITEwww.mcewenmining.com CONTACT
INFORMATION150 King Street West Suite 2800, PO Box
24 Toronto, ON, Canada M5H 1J9 Relationship with
Investors: (866)-441-0690 Toll
free (647)-258-0395 Mihaela
Iancu ext. 320 info@mcewenmining.com |
SOCIAL MEDIA |
|
|
McEwen Mining |
Facebook:LinkedIn:Twitter:Instagram: |
facebook.com/mcewenmininglinkedin.com/company/mcewen-mining-inc- twitter.com/mcewenmininginstagram.com/mcewenmining |
|
|
McEwen Copper |
Facebook:LinkedIn:Twitter:Instagram: |
facebook.com/mcewencopperlinkedin.com/company/mcewencoppertwitter.com/mcewencopperinstagram.com/mcewencopper |
|
|
Rob McEwen |
Facebook:LinkedIn:Twitter: |
facebook.com/mcewenrob linkedin.com/in/robert-mcewen-646ab24twitter.com/robmcewenmux |
McEwen Mining (TSX:MUX)
Historical Stock Chart
From Jul 2024 to Aug 2024
McEwen Mining (TSX:MUX)
Historical Stock Chart
From Aug 2023 to Aug 2024