Precious metals miner McEwen Mining has announced a bought deal private placement offering to raise $15-million to fund its 2019 exploration programme in the Timmins region of Canada.
The company is issuing 2% of its currently outstanding shares at $2.26 a share (C$3.02), representing a premium of 26% over the closing price on the TSX on December 5.
“We want to build on the exploration success of this year’s effort, where we increased our resources and generated a number of exciting exploration targets. These properties are located along a prolific geological trend in one of the world’s great gold districts,” commented chairperson, CEO and owner Rob McEwen.
McEwen has a total of 337-million shares outstanding. Rob McEwen owns 24% of the shares. Subsequent to the closing of the offering the shares outstanding will increase to 344-million.
Creamer Media Senior Researcher and Deputy Editor Online