Rob McEwen and McEwen Mining File Early Warning Reports in Connection With a Private Placement in Great Bear Resources Ltd.
TORONTO, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Rob McEwen, through his wholly owned company Evanachan Limited (“Evanachan”), and McEwen Mining Inc. (“MUX”) have subscribed today for 3,930,932 Units (the “Units”) of Great Bear Resources Ltd. (“GBR”) of 1020-800 West Pender Street, Vancouver, BC, V6C 2V6 at a price of $1.45 per Unit for an aggregate gross investment of $5,699,851.40. The subscriptions by Evanachan and MUX were made by way of private placement, which formed part of a larger offering by GBR on the same terms (the “Offering”). Each Unit consists of one common share and one half of a common share purchase warrant (the “Warrants”), each Warrant is exercisable for 24 months from the closing of the Offering, at an exercise price of $1.75. This subscription agreement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The securities to be issued will be subject to a hold period of 4 months plus one day in Canada. Prior to participating in the Offering, neither Evanachan nor MUX held any securities of GBR.
The 3,144,746 Units purchased by Evanachan represent 9.20% of the currently issued and outstanding common shares of GBR. After giving effect to the exercise of the 1,572,373 Warrants (but before the exercise or conversion of any other securities exercisable or convertible into common shares of GBR), the common shares and the common share purchase warrants held by Evanachan represent, in the aggregate approximately 13.19% of the currently-issued and outstanding common shares of GBR.
The 786,186 Units purchased by MUX represent 2.30% of the currently issued and outstanding common shares of GBR. After giving effect to the exercise of the 393,093 Warrants (but before the exercise or conversion of any other securities exercisable or convertible into common shares of GBR), the common shares and the common share purchase warrants held by MUX represent, in the aggregate approximately 3.41% of the currently-issued and outstanding common shares of GBR.
Evanachan and MUX have acquired the Units of GBR for investment purposes, and in accordance with applicable securities laws, they may, from time to time and at any time, acquire additional common shares of GBR and/or other equity, debt or other securities or instruments (collectively, “Securities”) of GBR in the open market or otherwise and reserves the right to dispose of any or all of its Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of GBR and other relevant factors. Evanachan is an Ontario incorporated company, whose principal business is resource sector investment. MUX is a Colorado incorporated mining company.
A copy of the early warning report filed in connection with the offering will be made available on Sedar (www.sedar.com).
FOR FURTHER INFORMATION PLEASE CONTACT:
Evanachan Limited and McEwen Mining Inc.
150 King St. West Suite 2800
(647) 258-0395 x280