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McEwen Mining announces Fox Complex growth via registered offering

Feb 8, 2021

McEwen Mining Inc. has announced 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 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.

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