McEwen raises $25m in direct offering
NYSE- and TSX-listed McEwen Mining has raised $25-million in a direct offering from an institutional investor, certain directors and officers of the company, including chairperson and chief owner Rob McEwen.
The company intends to use the net proceeds from the offering to fully fund its current mining projects and exploration prospects, for additional operating capital and for general working capital purposes.
“I am pleased to say that this financing provides us with the flexibility we need to take advantage of additional opportunities at our operations,” said Rob McEwen.
Each unit is priced at $1.55 and consists of a share of common stock and one-half of a warrant to purchase common stock. Each full warrant is exercisable into one share of common stock. The warrants are immediately exercisable and have a term of three years and an exercise price of $2.
McEwen produced 176 000 oz of gold equivalent in 2018. It owns interests in several mines, two of which are located in Nevada and Timmins, as well as a large undeveloped copper deposit in Argentina.
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