TORONTO, Dec. 19, 2017 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen”) is pleased to announce the closing of its previously announced US$10,000,000 (Cdn$12,880,000) bought deal private placement (the "Offering"). Pursuant to the Offering, McEwen sold an aggregate of 4,000,000 flow-through common shares (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) priced at US$2.50 (Cdn$3.22) per flow-through common share. The Offering was completed through a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation as sole bookrunner and including BMO Capital Markets, H.C. Wainwright & Co. LLC and GMP Securities L.P.
McEwen intends to use the proceeds of the Offering exclusively for generative exploration activities on its properties in the Timmins region of Canada.
The securities issued pursuant to the Offering are subject to a statutory four-month hold period in accordance with applicable Canadian securities legislation and are restricted securities within the meaning of Rule 144 of the U.S. Securities Act of 1933, as amended.
This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, the common stock. Neither the offer nor sale of the shares has been registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities law and the shares may not be offered for sale or sold unless registered under the Securities Act or pursuant to an exemption from the registration requirements.
About McEwen Mining
McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen’s principal assets consist of the San José mine in Santa Cruz, Argentina (49% interest), the El Gallo Gold mine and El Gallo Silver project in Mexico, the Black Fox mine in Timmins, Canada, the Gold Bar future mine in Nevada, and the Los Azules copper project in Argentina.
McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of McEwen.
