McEwen Mining announces $16 million flow-through financing for Timmins

McEwen Mining Inc. has announced a financing to fund continued exploration and development at the Fox Complex in the Timmins region of Ontario.
 
The proceeds of this financing will be used exclusively for qualifying Canadian Exploration Expenditures (CEE) and Canadian Development Expenditures (CDE), within the meaning of subsection 66(15) of the Income Tax Act (Canada), on McEwen’s properties in the Timmins region:
 
Part 1 (CEE) of the financing consists of a US$7.3 million (Cdn$10,007,600) private placement of 788,000 flow-through common shares at a price of US$9.27 (Cdn$12.70); and
 
Part 2 (CDE) of the financing consists of a US$8.8 million (Cdn$12,008,550) private placement of 1,115,000 flow-through common shares at a price of US$7.86 (Cdn$10.77),
 
(Part 1 (CEE) and Part 2 (CDE) together being the “Offering”).
 
The Offering of 1,903,000 flow-through common shares for US$16.1 million (Cdn$22,016,150) is expected to close on December 14, 2023 (the “Closing”) and is subject to customary closing conditions, including approval from the TSX and NYSE.

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