McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced that it priced a public financing to fund continued exploration and development at the Fox Complex in the Timmins region of Ontario, primarily focused on exploration drilling and the development of an underground access ramp from surface to mine the gold resources of Stock East and West. This represents the next area of production growth at the Fox Complex.
McEwen Mining intends to use the proceeds of this financing for qualifying Canadian Exploration Expenses within the meaning of subsection 66.1(6) of the Income Tax Act (Canada) and Canadian Development Expenses within the meaning of subsection 66.2(5) of the Income Tax Act (Canada). Subject to customary conditions, including approval from the Toronto Stock Exchange and New York Stock Exchange, the offering of 1,533,000 flow-through common shares for aggregate gross proceeds of US$22.0 million (Cdn$30,035,790) is expected to close on June 14, 2024. Total proceeds net of placement agents’ fees is expected to be US$20.9 million (Cdn$28,534,000).
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About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 47.7% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, MUX’s chairman and chief owner, has personally provided the company with $220 million and takes an annual salary of $1.
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