McEwen Mining raises financing for Timmins exploration
Gold mining company McEwen Mining has announced a strategic financing to continue its exploration programme at its properties in the Timmins region of Ontario.
The financing consists of a $9.9-million bought deal private placement offering of six-million flow-through common shares priced at $1.65 apiece, or C$2.18 a share.
The price represents a premium of 21% over the closing price of McEwen common shares on the TSX on Monday.
The offering is expected to close on September 10.
“The proceeds of this offering will be used exclusively for generative exploration activities on McEwen’s properties in the Timmins region,” the company said in a statement.
The miner’s stock closed at C$1.74 a share in Toronto on Tuesday.
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