McEwen Mining Announces Flow-Through Financing TORONTO, Feb. 11, 2022 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce a financing to fund continued exploration at the Fox Complex in the Timmins region of Ontario. These funds will be employed to build on the business case outlined in our recently announced preliminary economic assessment (see news release dated January 26, 2022).
The financing consists of a US$15,080,000 (Cdn$19,212,500) private placement offering (the “Offering”) of 14,500,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$1.04 (Cdn$1.325) per flow-through common share (the “Offering Price”). The Offering is expected to close on March 1, 2022 (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 qualifying Canadian Exploration Expenditures (CEE) on McEwen’s properties in the Timmins region.
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also has a large exposure to copper through its subsidiary McEwen Copper, owner of the Los Azules copper deposit in Argentina.
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https://www.globenewswire.com/news-release/2022/02/12/2383964/37420/en/McEwen-Mining-Announces-Flow-Through-Financing.html