Shareholders of Woulfe should have been given the option to buy more shares at a discount to market like what McEwen mining had done
MCEWEN MINING SUCCESSFULLY COMPLETES RIGHTS OFFERING
McEwen Mining Successfully Completes Rights Offering
TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce the successful completion of its Rights Offering, which closed at 5 PM EST on December 4, 2012. The Rights Offering was fully subscribed for with proceeds totaling US$60.4 Million.
"I would like to extend a warm thank you to all of our shareholders who participated in the Rights Offering. We are well financed and focused on finding ways to accelerate the development of El Gallo-phase 2 project," said Rob McEwen, Chief Owner.
During the next week, McEwen Mining will issue 19,051,679 Common Shares (MUX) and 7,798,762 Exchangeable Shares (MAQ) as the result of the Rights Offering. This issuance represents 10% of the Company's currently issued and outstanding shares. Upon issuance of these shares, McEwen Mining will have 295,429,859 shares outstanding (Common and Exchangeable). The Rights Offering was fully subscribed for without triggering the backstop commitment the Company had from Mr. McEwen.
The number of Common and Exchangeable shares, including oversubscription shares, to be issued to each exercising holder, pursuant to the exercise of the Rights Offering, will be calculated after 5 PM EST on December 7th, 2012.
The shares you subscribed for in the Rights Offering will be delivered to you in the same form you hold your existing shares - by Computershare, by mail in certificate form, or by your broker, after December 11, 2012.
If you exercised your over-subscription privilege, and are allocated less than all of the shares of McEwen Mining for which you wished to subscribe, your excess payment for shares that were not allocated to you will be returned to you in the same manner as you made the payment - by mail or through your broker, after Tuesday December 11, 2012.