GOLD: McEwen raises $40M for purchase of Black Fox mine

TORONTO – McEwen Mining has entered into an agreement with a syndicate of underwriters for the purchase of 18 million common shares […]
TORONTO – McEwen Mining has entered into an agreement with a syndicate of underwriters for the purchase of 18 million common shares at a price of $2.25 each and 18 million warrants. Each warrant allows the holder to purchase a half an additional common share at the same price. Gross proceeds will be $40.5 million. The underwriters have been granted an option to purchase up to an additional 2.7 million McEwen shares and/or warrants for an addition 1.35 million shares. McEwen will use the net proceeds of the offering to fund its purchase of the Black Fox gold complex 60 km north of Timmins, Ont. McEwen  has agreed to pay $35 million to the current owner, Primero Mining. The mine produces between 50,000 and 60,000 of gold annually and will be McEwen’s first Canadian property. Information about McEwen’s El Gallo mine in Mexico and 49% interest in the San Jose mine in Argentina is available at www.McEwenMining.com.

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