Point #4
McEWEN MINING PROVIDES UPDATE ON NYSE LISTING
Point 4 is of interest. MUX recently bought shares of GQC bringing holdings to over 10%. It has stated it is looking for exploration upside not a junior producer.
TORONTO, Nov. 25, 2015 -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) would like to update investors on our plans to regain compliance with the New York Stock Exchange (NYSE) minimum share price requirement. The NYSE stipulates that the average closing price of a listed company's stock be above US$1.00 per share, calculated over a period of 30 consecutive trading days. The Company was advised on July 1, 2015 that it no longer met this requirement.
“We’ve made good progress in a difficult market. This year we strengthened our balance sheet, increased production, and decreased our costs,” said Rob McEwen, Chief Owner. “I’m not going to take this lying down, I have no intention of being delisted from the world’s premier stock exchange”.
As part of our continuing effort to create shareholder value, we have been working diligently on measures to help support the share price including:
1. Delivering four consecutive quarters of record production and three of positive cash flow.
2. Implementing an annual return of capital distribution of 1¢ per share paid semi-annually, with the second payment expected in February 2016.
3. Marketing the company to raise awareness of our asset base, growing profitable production, expanding treasury, and optionality to gold, silver, and copper.
4. Evaluating potential M&A transactions that would add share value.
5. Initiating a share buy back program whereby we can repurchase up to 5% of common stock over the next twelve months.