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McEwen Mining Secures Fox Complex Growth Funding Through Direct Offering

· 02/05/2021 04:51

09:44 AM EST, 02/05/2021 (MT Newswires) -- McEwen Mining Inc. (MUX.TO) at last look fell near 3% on the NYSE and was down near 4% on the TSX after announcing on Friday an oversubscribed registered direct offering to sell 30,000,000 common shares at $1.05 apiece.

The deal completes the funding required to bring the Froome deposit into production late this year. Froome will play a role in the future growth of the Fox Complex, where the company sees potential for higher gold production, lower cost per ounce and a longer mine life.

It would also strengthen the company's balance sheet and working capital position, according to Chairman and Chief Owner Rob McEwen.

The offering is scheduled to close on Feb. 9.

Price: 1.47, Change: -0.06, Percent Change: -3.92