McEwen Mining Announces Pricing of US$50 Million Public Offering
November 20 2019 - 8:39AM
McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE: MUX)
(TSX: MUX) today announced that it has priced an
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.
The offering is expected to close on or about November 22, 2019,
subject to customary closing conditions.
Roth Capital Partners and Cantor Fitzgerald
Canada Corporation are acting 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 are being
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 (the “SEC”) and declared effective on July
6, 2018 and in Canada. McEwen will file a final prospectus
supplement with the SEC in connection with the offering and will
file 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. When filed, you may get these documents for free by
visiting EDGAR on the SEC website 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,
when filed, 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 the securities, nor
shall there be any sale of securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other 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.
Immediately prior to this offering and without
giving effect to this offering, McEwen has approximately 362.5
million shares outstanding, of which Rob McEwen, Chairman and Chief
Owner, owns 22%.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release and the related prospectuses
and documents incorporated by reference therein contain 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, the Company’s estimates, forecasts, projections,
expectations or beliefs as to future events and results.
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 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.
Readers should not place undue reliance on forward-looking
statements or information included herein, which speak only as of
the date hereof, or included in the related prospectuses and
documents incorporated by reference therein, which speak only as of
the date thereof. 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 the prospectuses and documents incorporated by
reference therein, including in the McEwen Mining’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2018, as
amended, 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 and the related prospectuses and documents
incorporated by reference therein 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: Investor Relations:
(866)-441-0690 Toll
Free(647)-258-0395 Stefan
Spears, Vice PresidentCorporate Development ext.
280 Mihaela Iancu, Investor
RelationsManager ext. 320
info@mcewenmining.com |
150 King Street West Suite 2800,P.O. Box 24 Toronto, ON, CanadaM5H
1J9 |
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