McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, has closed on its previously announced $20 million public financing. The company anticipates using the funds for ongoing exploration and development at the Fox Complex in the Timmins region of Ontario. According to the company, development will focus on the next area of production growth at the project, which includes exploration drilling and the building of an underground access ramp. “The proceeds of this financing will be used exclusively for qualifying Canadian Exploration Expenses (‘CEE’) and Canadian Development Expenses (‘CDE’),” said the company in the press release. “Part 1 (CEE) of the financing consists of a $10 million (C$13,650,890) offering of 643,000 flow-through common shares at a price of $15.56 (C$21.23), and Part 2 (CDE) of the financing consists of a $12 million (C$16,384,900) offering of 890,000 flow-through common shares at a price of $13.49 (C$18.41). Total proceeds from the offering net of placement agents’ fees was approximately $20.8 million (C$28.5 million).”
To view the full press release, visit https://ibn.fm/ZXrL4
About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. The company also 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 the share price and providing a yield. Rob McEwen, chair and chief owner, has personally provided the company with $220 million and takes an annual salary of $1. To learn more about the company, visit www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX
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