McEwen Mining (NYSE: MUX) (TSX: MUX), a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, is reporting on a nonbrokered private placement financing. According to the announcement, the private placement is comprised of up to 2,333,333 common shares of its wholly owned subsidiary McEwen Copper Inc. The shares were offered at a subscription price of $30 per common share, resulting in gross proceeds of up to $70 million for the company; McEwen Copper currently has 30,937,615 common shares outstanding. McEwen anticipates using funds from the placement to advance work on a bankable feasibility study for the Los Azules copper project, which is scheduled for publication by Q1 2025. “Lead orders to purchase 27% of the total offering have been committed by McEwen Mining and Rob McEwen,” the company stated in the press release. “McEwen Mining will purchase up to 466,667 common shares of McEwen Copper for $14 million, and Rob McEwen will purchase up to 166,666 common shares for $5 million. Final investment amounts are subject to adjustment according to antidilution and preemptive rights on the part of other existing shareholders of McEwen Copper.”

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About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. The company also owns approximately 47.7% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. Rob McEwen, chair and chief owner, has a personal investment in the company of $220 million. To learn more about the company, visit www.McEwenMining.com.

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