The Canadian base shelf prospectus will be accessible now and the prospectus supplement will be accessible on SEDAR+ within two business days.
TORONTO, May 28, 2024 (GLOBE NEWSWIRE) — McEuen Mining Corp. (NYSE: MUX) (TSX: MUX) (“McEuen”) We are pleased to announce the pricing of a public loan to fund continued exploration and development at the Fox Complex in Ontario's Timmins region. The loan is primarily focused on surface exploration drilling and the development of underground access ramps to extract the Stock East and Stock West gold resources, which represent the next production growth area at the Fox Complex.
The proceeds of the Financing will be used exclusively for qualified Canadian Exploration Expenditures (within the meaning of section 66.1(6) of the Canada Income Tax Act) (“CEEs”) and Canadian Development Expenditures (within the meaning of section 66.2(5) of the Canada Income Tax Act) (“CDEs”), which include:
The first part of the fundraising (CEE) US$10 million (CAD 13,650,890) 643,000 flow-through common shares US$15.56 (Canadian $21.23)
The second part of the fundraising (CDE) US$12 million 890,000 flow-through common shares offered at a price of C$16,384,900 US$13.49 (18.41 Canadian dollars)
(Part 1 (CEE) and Part 2 (CDE) together are referred to as the “Offerings”).
The offering of 1,533,000 flow-through common shares resulted in gross proceeds of US$22 million (CAD $30,035,790) is expected to close on June 14, 2024 (the “Closing”) and is subject to customary closing conditions, including approval by the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”). Gross proceeds from the Offering, less the placing agent's fees, are expected to be US$20.9 million (CAD $28,534,000).
Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. are acting as lead placement agent syndicates for the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-275324) previously filed by McEwen in the United States and subsequently declared effective by the Securities and Exchange Commission (SEC) on January 2, 2024, and a preliminary and final Canadian multijurisdictional disclosure system prospectus (the “Canadian Base Shelf”). McEwen will file a final prospectus supplement with the SEC in connection with the offering and will file final Canadian prospectus supplements for the Canadian Base Shelf under the “northbound” multijurisdictional disclosure system (collectively, the “Prospectus Supplements”) with the securities regulatory authorities in each of the provinces of Canada except Quebec. The offering is being made only by prospectus, including a prospectus supplement that forms part of the effective registration statement. The base shelf prospectus and prospectus supplement will be filed with the SEC (within two business days of the date hereof) and will be available on the SEC's website. English or visit the SEDAR+ website. Click here for detailsWhen available, copies of the prospectus supplement may be obtained in the United States from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, NY 10022, or by email. email addressor in Canada, electronic or paper versions of the Base Shelf Prospectus, Prospectus Supplement and any amendments to these documents may be obtained free of charge by contacting Cantor Fitzgerald Canada Corporation, Attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7. Email: If applicable, provide your contact with an email address or postal address.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and information express estimates, forecasts, projections, expectations or beliefs as of the date of this press release regarding future events and results of McEwen Mining Inc. (the “Company”), including, but not limited to, the expected use of proceeds from the offering and the timing of the completion of the offering. Forward-looking statements and information are necessarily based on a number of estimates and assumptions that management considers to be reasonable, but which are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies and no assurance can be given that such statements and information will prove to be accurate. Accordingly, actual results and future events may differ materially from those anticipated in such statements and information.Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, the impact of the COVID-19 pandemic, fluctuations in market prices for precious metals, risks in the mining industry, political, economic, social and security risks associated with overseas operations, the company's ability to timely obtain or obtain necessary permits or other approvals related to its operations, risks associated with the construction and commencement of production of mining operations and the anticipated costs thereof, risks associated with litigation, capital market conditions, environmental risks and hazards, uncertainties regarding calculations of mineral resources and reserves, and other risks. Readers should not place undue reliance on any forward-looking statements or information contained herein, which represent views only as of the date hereof. Except as required by law, the company undertakes no obligation to reissue or update any forward-looking statements or information, even if new information or events arise after the date hereof. For additional information regarding risks, uncertainties and other factors relating to forward-looking statements and information about the Company, see McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its other filings with the Securities and Exchange Commission under the heading “Risk Factors.” All forward-looking statements and information contained in this news release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed, and do not accept responsibility for, the adequacy or accuracy of the contents of this news release which have been prepared by McEwen Mining Inc.'s management.
About McWen Mining
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. Additionally, it 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 productivity and asset life to increase its stock price and provide yield. Chairman and majority owner Rob McEwen has personally contributed $220 million to the company and receives an annual salary of $1.
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