McEwen Mining Announces Fox Complex Growth Funding Secured by Registered Direct Offering
February 05 2021 - 9:11AM
McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE and
TSX: MUX), announces an oversubscribed registered direct
offering with several existing and new institutional investors for
the sale of an aggregate of 30,000,000 shares of common stock at a
purchase price of $1.05 per share (the “Offering”).
“The timing of this offering was critical for
two reasons: 1. It completes the funding required to bring the
Froome deposit into production later this year. Froome is our
production bridge to the future growth of the Fox Complex, where we
see potential for higher gold production, lower cost per ounce and
a longer mine life; and 2. It will strengthen our balance sheet and
working capital position, which will help address our going concern
note and debt covenants,” commented Rob McEwen, Chairman and Chief
Owner.
Cantor Fitzgerald & Co. and Roth Capital
Partners are acting as exclusive co-lead placement agents for the
Offering in the United States and internationally (except
Canada).
The Offering is expected to close on February 9,
2021 and is subject to customary closing conditions, including
approvals from the TSX and the NYSE.
The shares of common stock described above are
being offered in the United States pursuant to an effective “shelf”
registration statement (File No. 333-224476) that was filed with
the Securities and Exchange Commission (the “SEC”) and was declared
effective by the SEC on July 6, 2018. The securities may be offered
only by means of a prospectus. A prospectus supplement and the
accompanying prospectus will be filed with the SEC. The prospectus
supplement and accompanying prospectus, when filed, will be
available on the SEC’s website at http://www.sec.gov and may also
be obtained from Cantor Fitzgerald & Co., Attention: Capital
Markets, 499 Park Ave., 6th Floor, New York, New
York 10022, or by telephone at (212) 829-7122, or by e-mail
at prospectus@cantor.com, and from Roth Capital Partners at
888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800)
678-9147.
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.
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: |
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Investor Relations:(866)-441-0690 Toll
Free(647)-258-0395Mihaela Iancu ext.
320info@mcewenmining.com |
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150 King Street WestSuite 2800, P.O. Box 24Toronto, ON, CanadaM5H
1J9 |
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