McEwen Mining Announces Flow-Through Financing
January 08 2021 - 6:56PM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to announce a financing to fund development of the
Froome deposit, which is expected to reach commercial production in
Q4 2021, located at the Fox Complex in the Timmins region of
Ontario.
The financing consists of a US$11,821,000
(Cdn$15,000,000) private placement offering (the “Offering”) of
11,628,000 flow-through common shares (within the meaning of
subsection 66(15) of the Income Tax Act (Canada)) priced
at US$1.02 (Cdn$1.29) per flow-through common share (the “Offering
Price”) led by Cantor Fitzgerald Canada Corporation as agent and
sole bookrunner. The Offering is expected to close on or before
January 28, 2021 (the “Closing”) and is subject to customary
closing conditions, including approval from the TSX and NYSE.
The proceeds of this Offering will be used
exclusively for qualifying Canadian Development Expenditures (CDE)
on McEwen’s properties in the Timmins region.
This press release is not an offer of common
shares for sale in the United States. The common shares may not be
offered or sold in the United States absent registration or an
available exemption from the registration requirements of the US.
Securities Act of 1933, as amended (the "U.S. Securities Act") and
applicable U.S. state securities laws. McEwen will not make any
public offering of the securities in the United States. The common
shares have not been and will not be registered under the U.S.
Securities Act, or any state securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities, in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTSThis 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. 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, effects of the COVID-19 pandemic, 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. 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, 2019 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.
ABOUT MCEWEN MINING
McEwen Mining is a diversified gold and silver
producer and explorer focused in the Americas with operating mines
in Nevada, Canada, Mexico and Argentina. It also owns a large
copper deposit in Argentina.
CONTACT
INFORMATION: |
Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395Mihaela Iancu ext.
320info@mcewenmining.com |
150 King Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H
1J9 |
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