World News: 00:36 GMT Thursday 6th December 2018. [McEwen Mining via Globe Newswire via SPi World News]
TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) -- is pleased to announce a strategic financing to continue our successful ongoing exploration program at our properties in the Timmins region of Ontario.
The financing consists of a US$15,000,000 (Cdn$20,034,680) bought deal private placement offering (the “Offering”) of 6,634,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$2.26 (Cdn$3.02) per flow-through common share (the “Offering Price”) led by Cantor Fitzgerald Canada Corporation as sole bookrunner. The Offering Price represents a premium of 26% over the closing price of McEwen common shares on the TSX as of December 5, 2018. The Offering is expected to close on or before December 21, 2018 (the “Closing”) and is subject to customary closing conditions, including approval from the TSX and NYSE.
The proceeds of this Offering will be used exclusively for generative exploration activities on McEwen’s properties in the Timmins region.
McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen’s principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.
McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of the shares. Subsequent to the closing of the Offering the shares outstanding will increase to 344 million.
Globe Newswire: 00:36 GMT Thursday 6th December 2018
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