McEwen Mining Announces Flow-Through Financing
December 17 2020 - 8:09AM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is
pleased to announce a strategic financing (the
“Offering”) to further our successful exploration
program at our properties in the Timmins region of Ontario.
The Company intends to issue 6,136,000 common
shares (CDN$10,001,680) of the Corporation issued on a flow-through
basis (the “FT Shares”) at a price per share of
CDN $1.63, with an option to increase the Offering by 920,400 FT
Shares (CDN$1,500,252) exercisable at any time up to two business
days prior to the closing of the Offering by way of a non-brokered
private placement. The Offering Price represents a premium of 22%
over the closing price of McEwen Mining common shares on the TSX as
of December 16, 2020.
The gross proceeds from the sale of FT Shares
will be used for expenditures which qualify as Canadian Exploration
Expenses (CEE) within the meaning of the Income Tax Act (Canada).
The Company will renounce such CEE expenditures with an effective
date of no later than December 31, 2020.
The Common Shares issued will be subject to a
four month hold period. The Offering is expected to close on or
before December 30, 2020 and is subject to customary closing
conditions, including approval from the TSX and NYSE.
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, contain 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 with operating mines in Nevada, Canada,
Mexico and Argentina. It also owns a large copper deposit in
Argentina. McEwen Mining’s goal is to create a profitable gold and
silver producer focused in the Americas.
McEwen Mining has approximately 409 million
shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20%
of the shares.
CONTACT INFORMATION: |
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Investor Relations: |
Website: www.mcewenmining.com |
150 King Street West |
(866)-441-0690 Toll Free |
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Suite 2800, P.O. Box 24 |
(647)-258-0395 |
Facebook: facebook.com/mcewenmining |
Toronto, ON, Canada |
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Facebook: facebook.com/mcewenrob |
M5H 1J9 |
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Mihaela Iancu ext. 320 |
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Twitter: twitter.com/mcewenmining |
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info@mcewenmining.com |
Twitter: twitter.com/robmcewenmux |
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Instagram: instagram.com/mcewenmining |
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