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McEwen Mining upsizes financing from $10 to $11.5 million

Dec 21, 2020

McEwen Mining says due to strong investor demand, it has increased its previously announced non-brokered private placement from 6,136,000 common shares (CDN$10,001,680) to 7,056,400 common shares (CDN $11,501,932) of the corporation issued on a flow-through basis at a price per share of CDN $1.63, with an option to increase the Offering from 920,400 FT Shares (CDN$1,500,252) to 1,058,460 FT Shares (CDN$1,725,290) 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.


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.

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