McEwen raises US$25M for mining, exploration projects: Funds to be raised through registered direct offering.

McEwen Mining has announced it's raised US$25 million, which will be used to fund its portfolio of mining and exploration projects, and for operating and general working capital.

The company said on March 26 it would issue a registered direct offering, through which an institutional investor, McEwen directors, and officers of the company would purchase units of the company.

The offer closed on March 29.

"I am pleased to say that this financing provides us with the flexibility we need to take advantage of additional opportunities at our operations," said Rob McEwen, the company's chair and chief owner, in a news release.

McEwen has approximately 346 million shares outstanding. Rob McEwen owns 23 per cent of the shares.

In Northern Ontario, the company owns and operates the Black Fox complex in Black River-Matheson, just east of Timmins, which is comprised of the Black Fox Mine, and the Froome, Grey Fox and Tamarack deposits, along with...

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