- McEwen Mining Inc. (MUX) has announced a financial and operational update
- The second tranche of a private placement has closed and related work on the Los Azules Copper Project has been completed
- The second tranche totalled $15 million from various investors
- Proceeds raised from the first and second tranches totals $55 million
- Drilling results from the project on holes AZ22146, AZ22149, and AZ22158 showed modest but consistent copper grades
- TNR Gold Corp. (TNR) is unchanged trading at $0.04 per share as of 3:38 p.m. ET
- McEwen Mining Inc. (MUX) is up 4.76 per cent trading at $0.66 per share as of 3:42 p.m. ET
McEwen Mining Inc. (MUX) has announced a financial and operational update.
The company has closed the second tranche of a private placement. The closing of the second tranche is a part of the previously announced private placement offering of up to 8 million common shares of McEwen Copper for US$10.00 per common share.
The second tranche consists of a $10 million investment by the Victor Smorgon Group advised by Arete Capital Partners, both in Australia. Also a part of the tranche is a $5 million payment from other investors. This brings the total gross proceeds for the tranche to $15 million.
The amounts raised in the first and second tranches of the private placement now stand at $55 million. The offering is open until July 6th.
McEwen Mining has completed work on the Los Azules Copper Project.
TNR Gold Corp. (TNR) holds a 0.4 per cent net smelter returns royalty, but the project is held by McEwen Copper Inc., a subsidiary of McEwen Mining.
In other news, progress on the project has been made with drilling results from holes AZ22146, AZ22149, and AZ22158 showing modest but consistent copper grades.
TNR Gold Corp. (TNR) is unchanged trading at $0.04 per share as of 3:38 p.m. ET.
McEwen Mining Inc. (MUX) is up 4.76 per cent trading at $0.66 per share as of 3:42 p.m. ET.