McEwen Mining: Reverse Split To Be Effective July 28th
July 27 2022 - 4:16PM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) ("MUX"
or the "Company”) announces that starting tomorrow the Company’s
common shares are expected to begin trading on the NYSE and TSX
after giving effect to the 1-for-10 reverse split previously
announced on July 12th, 2022 (the “Reverse Split”). Following
effectiveness of the Reverse Split the Company expects to regain
compliance with NYSE continued listing requirements and remain
listed on the NYSE.
Pursuant to the approval by the shareholders at
the annual meeting of shareholders held on July 7th, 2022, the
Company filed an Amendment to its Articles of Incorporation that
served to:
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(i) |
effect a 1-for-10 Reverse Split of the Company’s issued and
outstanding common stock on July 27, 2022 at 11:59 p.m., and |
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|
|
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(ii) |
effect the decrease in authorized
capital from 675 million to 200 million shares of common
stock. |
As previously reported, no fractional shares
will be issued in connection with the Reverse Split. Shareholders
of record otherwise entitled to receive fractional shares of common
stock will receive cash (without interest or deduction) in lieu of
such fractional share interests. The Reverse Split will not alter
the par value of the common stock or modify any voting rights or
other rights or terms of the common stock. Except for any
shareholders who receive cash in lieu of a fractional share as a
result of the Reverse Split, the Reverse Split will affect all
shareholders uniformly. Computershare Trust Company, N.A., the
Company’s transfer agent, is acting as the exchange agent for the
Reverse Split.
Computershare will
send instructions (a “Letter of Transmittal”) to shareholders who
hold stock certificates regarding the exchange of old certificates
for new certificates. To exchange your stock
certificates, you must follow the instructions contained in the
Letter of Transmittal. Shareholders who hold their shares
in brokerage accounts or "street name" are not required to take any
action to effect the exchange of their shares.
Following the Reverse
Split, the number of outstanding common shares of the Company will
be reduced from approximately 474 million outstanding common shares
to approximately 47 million outstanding common shares. MUX's common
shares will continue to trade on the NYSE and the TSX under the
existing ticker symbols subject to on-going satisfaction of
continued listing requirements. Following the Reverse Split, the
new CUSIP number for the Company's common shares will be 58039P305,
and the new ISIN for the Company's common shares will be
US58039P3055.
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/A
for the fiscal year ended December 31, 2021 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 the management of
McEwen Mining Inc.
ABOUT MCEWEN MININGMcEwen
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 has a large exposure to copper
through its subsidiary McEwen Copper, owner of the Los Azules
copper deposit in Argentina.
CONTACT
INFORMATION: |
Investor Relations:(866)-441-0690
Toll-Free(647)-258-0395Mihaela Iancu ext.
320info@mcewenmining.com |
Website:
www.mcewenmining.comFacebook:
facebook.com/mcewenminingFacebook:
facebook.com/mcewenrob Twitter:
twitter.com/mcewenminingTwitter:
twitter.com/robmcewenmuxInstagram:
instagram.com/mcewenmining |
150 King Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H
1J9 |
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