McEwen Mining Announces Closing of US$50 Million Public Offering
November 22 2019 - 9:01AM
McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE: MUX)
(TSX: MUX) is pleased to announce that it has closed the
previously announced 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. On November 21, 2019, the underwriters
exercised their option to purchase the additional warrants in full,
which were issued at the closing.
Roth Capital Partners and Cantor Fitzgerald
Canada Corporation acted 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 were
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 filed a final prospectus supplement
with the SEC in connection with the offering and 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. You may get these
documents for free by visiting EDGAR on the SEC web site 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 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 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 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.
McEwen has approximately 400.3 million shares
outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the
shares.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSThis 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. 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, or included in the related
prospectuses and documents incorporated by reference therein, 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 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 President Corporate
Development ext. 280Mihaela Iancu, Investor Relations Manager ext.
320
info@mcewenmining.com
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