McEwen prices stock offering, shares tumble
The share price of McEwen Mining stumbled on Wednesday, after the company priced its planned public offering through which it aims to raise $50-million.
The public offering of 37 750 000 units, each consisting of one share of common stock and one half of one warrant to purchase one share of common stock, is priced at $1.325 a unit, the NYSE- and TSX-listed miner said.
By 12:30 EST, the miner’s stock traded nearly 14% down at $1.30 a share in New York and down 13% at C$1.73 apiece in Toronto.
Each full warrant is exercisable for one share of common stock with an exercise price of $1.7225 a share and are exercisable immediately and for five years following issuance.
The company has granted to the underwriters a 30-day option to purchase up to an additional 5 662 500 shares of common stock and/or additional warrants to purchase up to 2 831 250 shares of common stock at the public offering price per share and per warrant, less the underwriting discounts and commissions.
The offering is expected to close on or about November 22.
Roth Capital Partners and Cantor Fitzgerald Canada are joint book-running managers for the offering.
McEwen said it would use the net proceeds from the offering for advancing its current mining projects and exploration prospects, for additional operating capital and for general working capital purposes.
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