McEwen Mining Announces US$22M Public Financing

Mcewen Mining Inc. has announced a public financing to fund exploration and development at the Fox Complex in the Timmins region of Ontario. The offering includes a US$10.0 million (CDN$13,650,890) offering of 643,000 flow-through common shares at a price of US$15.56 (CDN$21.23) and a US$12.0 million (CDN$16,384,900) offering of 890,000 flow-through common shares at a price of US$13.49 (CDN$18.41).

The total offering of 1,533,000 flow-through common shares is expected to generate aggregate gross proceeds of US$22.0 million (CDN$30,035,790), with the net proceeds after placement agents' fees anticipated to be US$20.9 million (CDN$28,534,000). The offering is expected to close on June 14, 2024, subject to customary closing conditions and approvals from the Toronto Stock Exchange and the New York Stock Exchange.

Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. are leading the syndicate of placement agents for the offering. The offering is being made pursuant to a shelf registration statement on Form S-3 (file no. 333* 275324) and a preliminary and final multi-jurisdictional disclosure system prospectus (the "Canadian Base Shelf").

The company plans to use the proceeds exclusively for qualifying Canadian exploration expenses and Canadian development expenses, 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 at the Fox Complex.

This announcement represents the next area of production growth at the Fox Complex, indicating a significant investment in the development and exploration of gold resources in the region. The market has reacted to these announcements by moving the company's shares -1.2% to a price of $11.91. If you want to know more, read the company's complete 8-K report here.

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