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McEwen Mining Announces $10 Million Financing for Timmins

Dec 18, 2020

McEwen Mining Inc. has announced a strategic financing to further their successful exploration program at their properties in Timmins.

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.

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