McEwen Mining Inc. (NYSE:MUX) (TSX: MUX), reports that it has closed the previously announced registered direct offering of common shares for aggregate gross proceeds of US$31.5 million.

“I deeply regret being in a position where we had to finance at this price, a price well below what I believe to be our real value. However, the timing of this financing was critical for two key reasons: One, it completes the funding required to bring the Froome deposit into production later this year. Froome is our production bridge to the future growth of the Fox Complex, where we see potential for significantly higher gold production, lower cost per ounce and a much longer mine life; and Two, it strengthens our balance sheet and working capital position, which will help address our going concern note and debt covenants. I do take some solace from the fact that there was big demand for the offering, of over $120 million, and this is an expression of confidence by investors in our company’s future,” said Rob McEwen, Chairman & Chief Owner.

Cantor Fitzgerald & Co. and Roth Capital Partners, LLC acted as exclusive co-placement agents for the Offering in the United States and internationally (except Canada).

The shares of common stock described above were offered in the United States pursuant to an effective “shelf” registration statement (File No. 333-224476) that was filed with the Securities and Exchange Commission (the “SEC”) and declared effective on July 6, 2018, and a prospectus supplement dated February 5, 2021. The prospectus supplement and accompanying prospectus are available on the SEC’s website at http://www.sec.gov and may also be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by telephone at (212) 829-7122, or by e-mail at prospectus@cantor.com, and from Roth Capital Partners at 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, or by telephone at (800) 678-9147.

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 focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.