McEwen Mining Announces Closing of Financing
December 19 2017 - 4:00PM
McEwen Mining Inc. (NYSE:MUX) (TSX:MUX)
(“McEwen”) is pleased to announce the closing of
its previously announced US$10,000,000 (Cdn$12,880,000) bought deal
private placement (the "Offering"). Pursuant to the Offering,
McEwen sold an aggregate of 4,000,000 flow-through common shares
(within the meaning of subsection 66(15) of the Income Tax Act
(Canada)) priced at US$2.50 (Cdn$3.22) per flow-through common
share. The Offering was completed through a syndicate of
underwriters led by Cantor Fitzgerald Canada Corporation as sole
bookrunner and including BMO Capital Markets, H.C. Wainwright &
Co. LLC and GMP Securities L.P.
McEwen intends to use the proceeds of the
Offering exclusively for generative exploration activities on its
properties in the Timmins region of Canada.
The securities issued pursuant to the Offering
are subject to a statutory four-month hold period in accordance
with applicable Canadian securities legislation and are restricted
securities within the meaning of Rule 144 of the U.S. Securities
Act of 1933, as amended.
This announcement does not constitute an offer
to sell, or the solicitation of an offer to buy, the common
stock. Neither the offer nor sale of the shares has been
registered under the U.S. Securities Act of 1933, as amended, or
any applicable state securities law and the shares may not be
offered for sale or sold unless registered under the Securities Act
or pursuant to an exemption from the registration requirements.
About McEwen Mining
McEwen has the goal to qualify for inclusion in
the S&P 500 Index by creating a profitable gold and silver
producer focused in the Americas. McEwen’s principal assets consist
of the San José mine in Santa Cruz, Argentina (49% interest), the
El Gallo Gold mine and El Gallo Silver project in Mexico, the Black
Fox mine in Timmins, Canada, the Gold Bar future mine in Nevada,
and the Los Azules copper project in Argentina.
McEwen has a total of 337 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 24%
of McEwen.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates,
forecasts, projections, expectations or beliefs as to future events
and results including, but not limited to, the closing of the
Offering and the use of proceeds thereof. Forward-looking
statements and information are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive uncertainties, risks and contingencies,
and there can be no assurance that such statements and information
will prove to be accurate. Therefore, actual results and future
events could differ materially from those anticipated in such
statements and information. Risks and uncertainties that could
cause results or future events to differ materially from current
expectations expressed or implied by the forward-looking statements
and information include, but are not limited to, factors associated
with fluctuations in the market price of precious metals, mining
industry risks, political, economic, social and security risks
associated with foreign operations, the ability of the corporation
to receive or receive in a timely manner permits or other approvals
required in connection with operations, risks related to
fluctuations in mine production rates, risks associated with the
construction of mining operations and commencement of production
and the projected costs thereof, risks related to litigation, the
state of the capital markets, environmental risks and hazards,
uncertainty as to calculation of mineral resources and reserves,
and other risks. The Company’s dividend policy will be reviewed
periodically by the Board of Directors and is subject to change
based on certain factors such as the capital needs of the Company
and its future operating results. Readers should not place undue
reliance on forward-looking statements or information included
herein, which speak only as of the date hereof. The Company
undertakes no obligation to reissue or update forward-looking
statements or information as a result of new information or events
after the date hereof except as may be required by law.
See McEwen Mining's Annual Report on Form 10-K for the fiscal
year ended December 31, 2016 and other filings with
the Securities and Exchange Commission, under the caption
"Risk Factors", for additional information on risks, uncertainties
and other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements
and information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not accept
responsibility for the adequacy or accuracy of the contents of this
news release, which has been prepared by management of McEwen
Mining Inc.
CONTACT INFORMATION: |
|
Mihaela IancuInvestor Relations(647)-258-0395 ext
320info@mcewenmining.com |
Website: www.mcewenmining.com
Facebook: facebook.com/mcewenrob
Twitter: twitter.com/mcewenmining |
150 King
Street WestSuite 2800, P.O. Box 24Toronto, Ontario, CanadaM5H
1J9(866)-441-0690 |
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