McEwen to spend $13million on Timmins exploration

McEwen Mining is betting big and expressing confidence in its Timmins properties. The company has announced a USD $9.9 million ($13 million CDN) flow-through financing that will be used exclusively for its flagship operations. 

McEwen Mining has announced what it calls a strategic financing "to continue our successful exploration program at our properties in the Timmins region of Ontario."

The financing consists of a US$9,912,500 bought deal private placement offering of 6,000,000 flow-through common shares priced at US$1.65 per flow-through common share led by Cantor Fitzgerald Canada Corporation as sole bookrunner, and includes Roth Capital Partners, Red Cloud Securities Inc., and Maison Placements Canada Inc.

The Offering Price represents a premium of 21% over the closing price of McEwen common shares on the TSX as of August 17, 2020. The Offering is expected to close on or before September 10, 2020 (the “Closing”) and is subject to customary closing conditions, including approval from the TSX and NYSE.

The proceeds of this Offering will be used exclusively for generative exploration activities on McEwen’s properties in the Timmins region.

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