McEwen Mining Inc. (NYSE: MUX) (TSX: MUX)  is pleased to announce that it has successfully refinanced its $50 million senior secured term loan facility. As part of the refinancing, Sprott Private Resource Lending II (Collector), LP has replaced Royal Capital Management Corp. as a lender and the administrative agent for the Term Loan; and Evanachan Limited, a corporation wholly-owned by Rob McEwen, remains a lender. The principal amount of the loan remains $50 million.

As part of the amendments, the maturity date of the Term Loan has been extended by two years to August 31, 2023. In consideration for the extension of the Term Loan and other amendments, the Lenders were paid one-time bonus interest of 3.75% of the principal amount of the Term Loan in the form of restricted shares of the Company. A total of 2,091,700 common shares were issued to the Lenders pro rata in connection with the refinancing.

The principal amount of the Term Loan will continue to bear interest at 9.75%, payable monthly. Principal payments of $2 million per month are now scheduled to begin two years later on August 31, 2022, and the final principal payment is due on August 31, 2023. The Term Loan can be retired in full or in part any time prior to December 31, 2021 upon payment of the principal and accrued interest plus a fee linked to the remaining life of the Term Loan, and after December 31, 2021 upon the payment of the remaining principal and accrued interest plus a fee equal to 3% of the remaining principal.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina. McEwen Mining’s goal is to create a profitable gold and silver producer focused in the Americas.

McEwen Mining has approximately 400 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 21% of the shares.