McEwen Mining is embarking on a fundraising campaign to raise capital for exploration at its Timmins-area properties. On Dec. 5, the company announced it would issue two per cent of its outstanding shares, at US$2.26 per share, to raise $15 million in funds. Proceeds will go toward its 2019 Timmins-area exploration program.
"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," Rob McEwen, company chair and chief owner, said in a news release.
"These properties are located along a prolific geological trend in one of the world's great gold districts."
Through the bought deal private placement, 6,634,000 flow-through common shares will be offered at US$2.26 per share by Cantor Fitzgerald Canada Corp as sole bookrunner. The offering price represents a 26 per cent premium over the closing price of McEwen common shares on the TSX as of Dec. 5.
The offering closed on Dec. 21.
McEwen has a total...