Current Report Filing (8-k)
April 07 2020 - 4:03PM
Edgar (US Regulatory)
0000314203
false
0000314203
2020-04-01
2020-04-02
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 2, 2020
McEWEN MINING INC.
(Exact name of registrant as specified in
its charter)
Colorado
(State or other jurisdiction of
incorporation or organization)
|
|
001-33190
(Commission File
Number)
|
|
84-0796160
(I.R.S. Employer
Identification No.)
|
150 King Street West, Suite 2800
Toronto, Ontario, Canada M5H 1J9
(Address of principal executive offices)
(Zip Code)
Registrants telephone number including
area code: (866) 441-0690
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant
to Section 12(b) of the Act:
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock
|
|
MUX
|
|
New York Stock Exchange
|
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 2, 2020, McEwen Mining Inc. (the
“Company”) announced the appointment of G. Peter Mah, P.Eng., as its Chief Operating Officer, effective immediately.
In that position, Mr. Mah will be responsible for the management of all of the Company’s operating mines and development
projects.
Mr. Mah, age 53, is a professional engineer
with global mining experience, including gold, diamonds and base metals. From February 2016 to March 2020, he ran his own consulting
company as the President of Future Mining Consultants Ltd., focusing on gold and zinc projects in Canada, the U.S. and Mexico.
From July 2019 to March 2020, he was also the President and a director of Argo Gold Inc., an Ontario, Canada corporation with securities
traded on the Canadian Stock Exchange (“CSE”). Argo is an exploration-stage company with gold projects in central and
northwestern Ontario. From December 2014 to November 2015, Mr. Mah was the President and Chief Operating Officer of Avanti Kitsault
Mine Ltd., a subsidiary of Alloycorp Mining Inc., where he was responsible for the advancement of the Kitsault molybdenum project
near Terrace, British Columbia. Immediately prior to that, from May 2011 to August 2014, he was the Executive Vice President and
Chief Operating Office of Luna Gold Corporation, a Canadian corporation with properties in Brazil. He has also held senior management
positions with Newmont Corporation, among others. He holds a Bachelor and Master of Applied Science Degree in mining and mineral
processing and rock mechanics, respectively, from the University of British Columbia. Mr. Mah also serves as a director of Golden
Lake Exploration Inc., a gold exploration company with securities traded on the CSE.
Effective April 6, 2020, the Company and
Mr. Mah executed an employment letter (the “Employment Agreement”) describing the terms of his employment with the
Company. Pursuant to the terms of the Employment Agreement, Mr. Mah will be paid a salary of CAD$390,000 per year and is entitled
to participate in all employee benefit plans consistent with other senior executives of the Company. So long as the coronavirus
travel restrictions remain in place, Mr. Mah will be paid Cdn$195,000 on an annual basis. Mr. Mah is also entitled to earn a performance
bonus in the discretion of the Compensation Committee of the Board of Directors of the Company.
The Employment
Agreement provides certain severance benefits and change of control protections. If Mr. Mah is terminated by the Company or
resigns following a change in control, the Company would be obligated to pay him an amount equal to twice his annual salary
and bonus for the preceding year. If his employment is terminated by the Company without cause, Mr. Mah would be entitled to
the greater of (i) three weeks of severance if he is terminated during the first year of employment and an additional three
weeks severance for each additional year that he is employed by the Company, up to 12 weeks of severance, or (ii) the amount
he would be entitled to receive under the Employment Standards Act, 2000,Ontario. In addition to his cash compensation, Mr.
Mah was granted an option to purchase 300,000 shares of the Company’s common stock with an exercise price equal to
$0.81 per share.
A copy of the Employment Agreement is attached
to this report as Exhibit 10.1 and the summary of the Employment Agreement in this report is expressly qualified by reference to
such Exhibit.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits. The following exhibit is filed with this report:
SIGNATURE
Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
McEWEN MINING INC.
|
|
|
|
Date: April 7, 2020
|
By:
|
/s/ Carmen Diges
|
|
|
Carmen Diges, General Counsel
|
McEwen Mining (PK) (USOTC:MQMNW)
Historical Stock Chart
From Apr 2024 to May 2024
McEwen Mining (PK) (USOTC:MQMNW)
Historical Stock Chart
From May 2023 to May 2024