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McEwen Mining Announces Closing of US$50 Million Public Offering

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McEwen Mining Announces Closing of US$50 Million Public Offering

 

 

 

 

 

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that it has closed the previously announced underwritten public offering of 37,750,000 units, each unit consisting of one share of common stock and one half of one warrant to purchase one share of common stock, at a public offering price of $1.325 per unit for aggregate gross proceeds of approximately US$50,000,000. Each full warrant is exercisable for one share of common stock with an exercise price of $1.7225 per 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. On November 21, 2019, the underwriters exercised their option to purchase the additional warrants in full, which were issued at the closing.

 

Roth Capital Partners and Cantor Fitzgerald Canada Corporation acted as joint book-running managers for the offering. The Company intends to 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.

 

The securities described above were offered pursuant to a registration statement on Form S-3 (file no. 333-224476) that was filed in the United States with the Securities and Exchange Commission and declared effective on July 6, 2018 and in Canada. McEwen filed a final prospectus supplement with the SEC in connection with the offering and a Canadian final prospectus supplement under the “northbound” multi-jurisdictional disclosure system with securities regulatory authorities in each of the provinces of Canada other than Quebec. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov or by visiting the SEDAR website at www.sedar.com. Copies of the final prospectus supplement and the accompanying prospectus related to the offering may also be obtained in the U.S. by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, Attn: Prospectus Department, by calling (800) 678-9147 or in Canada by contacting Cantor Fitzgerald Canada Corporation, Attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7 by emailing ecmcanada@cantor.com or in the U.S. by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022 by emailing prospectus@cantor.com.

 

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

 

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’s goal is to create a profitable gold and silver producer focused in the Americas.

 

McEwen has approximately 400.3 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the shares.

 

Posted November 25, 2019

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