Canadian miner McEwen Mining has announced a private placement offering of about 11.6-million shares, priced at $1.02 apiece, to raise $11.8-million.
The offering, expected to close on January 28, will be used to fund development of the company’s Froome gold deposit, located within the Black Fox Complex, in the Timmins region of Ontario.
The project is expected to reach commercial production during the fourth quarter this year.
McEwen acquired the Black Fox Complex in October 2017, while development of an underground access ramp to the Froome orebody, 900 m away from the Black Fox mine, started in December 2019.