McEwen Mining Successfully Completes Rights Offering
December 05 2012 - 09:41AM
Marketwired
McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) is pleased to announce the
successful completion of its Rights Offering, which closed at 5 PM
EST on December 4, 2012. The Rights Offering was fully subscribed
for with proceeds totaling US$60.4 Million.
"I would like to extend a warm thank you to all of our
shareholders who participated in the Rights Offering. We are well
financed and focused on finding ways to accelerate the development
of El Gallo-phase 2 project," said Rob McEwen, Chief Owner.
During the next week, McEwen Mining will issue 19,051,679 Common
Shares (MUX) and 7,798,762 Exchangeable Shares (MAQ) as the result
of the Rights Offering. This issuance represents 10% of the
Company's currently issued and outstanding shares. Upon issuance of
these shares, McEwen Mining will have 295,429,859 shares
outstanding (Common and Exchangeable). The Rights Offering was
fully subscribed for without triggering the backstop commitment the
Company had from Mr. McEwen.
The number of Common and Exchangeable shares, including
oversubscription shares, to be issued to each exercising holder,
pursuant to the exercise of the Rights Offering, will be calculated
after 5 PM EST on December 7th, 2012.
The shares you subscribed for in the Rights Offering will be
delivered to you in the same form you hold your existing shares -
by Computershare, by mail in certificate form, or by your broker,
after December 11, 2012.
If you exercised your over-subscription privilege, and are
allocated less than all of the shares of McEwen Mining for which
you wished to subscribe, your excess payment for shares that were
not allocated to you will be returned to you in the same manner as
you made the payment - by mail or through your broker, after
Tuesday December 11, 2012.
ABOUT MCEWEN MINING (www.mcewenmining.com)
The goal of McEwen Mining is to qualify for inclusion in the
S&P 500 by 2015 by creating a high quality, high growth,
low-cost, mid-tier gold producer focused in the Americas. McEwen
Mining's principal assets consist of the San Jose mine in Santa
Cruz, Argentina (49% interest); the El Gallo complex in Sinaloa,
Mexico; the Gold Bar project in Nevada, US; the Los Azules Copper
project in San Juan, Argentina and a large portfolio of exploration
properties in Argentina, Nevada and Mexico.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements
and information, including "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements and information expressed, as at the
date of this press release, McEwen Mining Inc.'s (the "Company")
estimates, forecasts, projections, expectations or beliefs as to
future events and results. Forward-looking statements and
information are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and
competitive uncertainties, risks and contingencies, and there can
be no assurance that such statements and information will prove to
be accurate. Therefore, actual results and future events could
differ materially from those anticipated in such statements and
information. Risks and uncertainties that could cause results or
future events to differ materially from current expectations
expressed or implied by the forward-looking statements and
information include, but are not limited to, risks related to
business integration as a result of the business combination
between the Company and Minera Andes, factors associated with
fluctuations in the market price of precious metals, mining
industry risks, political, economic, social and security risks
associated with foreign operations, risks associated with the
construction of mining operations and commencement of production
and the projected costs thereof, risks related to litigation,
property title, the state of the capital markets, environmental
risks and hazards, uncertainty as to calculation of mineral
resources and reserves and other risks. Readers should not place
undue reliance on forward-looking statements or information
included herein, which speak only as of the date hereof. The
Company undertakes no obligation to reissue or update
forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2011 and other filings with the
Securities and Exchange Commission, under the caption "Risk
Factors", for additional information on risks, uncertainties and
other factors relating to the forward-looking statements and
information regarding the Company. All forward-looking statements
and information made in this news release are qualified by this
cautionary statement.
The NYSE and TSX have not reviewed and do not accept
responsibility for the adequacy or accuracy of the contents of this
news release, which has been prepared by management of McEwen
Mining Inc.
Contacts: McEwen Mining Inc. Jenya Meshcheryakova Investor
Relations (647) 258-0395 ext 410 or Toll Free: (866) 441-0690 (647)
258-0408 (FAX) McEwen Mining Inc. Mailing Address 181 Bay Street
Suite 4750 Toronto, ON M5J 2T3 PO box 792info@mcewenmining.com
www.mcewenmining.com Facebook: www.facebook.com/McEwenRob Twitter:
www.twitter.com/McEwenMining
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