{"id":1150855,"date":"2019-11-20T13:01:53","date_gmt":"2019-11-20T19:01:53","guid":{"rendered":"https:\/\/www.mining.com\/?p=1007258"},"modified":"2019-11-20T13:01:53","modified_gmt":"2019-11-20T19:01:53","slug":"mcewen-prices-public-offering-stock-tumbles-to-52-week-low","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1150855","title":{"rendered":"McEwen prices public offering, stock tumbles to 52-week low"},"content":{"rendered":"<p>Shares of McEwen Mining (NYSE, TSX: MUX) stumbled on Wednesday, falling by as much as 17% to a 52-week low of C$1.64 after the company announced that it has <a aria-label=\"priced its planned public offering (opens in a new tab)\" href=\"https:\/\/www.mcewenmining.com\/investor-relations\/press-releases\/press-release-details\/2019\/McEwen-Mining-Announces-Pricing-of-US50-Million-Public-Offering\/default.aspx\"  rel=\"noreferrer noopener\">priced its planned public offering<\/a>.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Toronto-based gold miner intends to raise $50 million through the offering of 37.75 million units, with each unit priced at $1.325 and consisting of one common share and one half of one common share purchase warrant. Each full warrant is exercisable to buy the stock at $1.7225 per share over the next five years.<\/p>\n<p>The offering price is well below where McEwen shares have traded recently, weighing on Wednesday&#8217;s stock slide. Market capitalization of the company has declined to C$723 million.<\/p>\n<p>The company has also granted the underwriters a 30-day option to purchase up to an additional 5.66 million shares and\/or additional warrants to purchase up to 2.83 million shares at the public offering price, less the underwriting discounts and commissions.<\/p>\n<p>McEwen said it would use the net proceeds from the offering for current mining projects and exploration prospects, as well as operating capital and general working capital.<\/p>\n<p>The offering is expected to close on or about November 22.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The offering price is well below where McEwen shares have traded recently.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1150855"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1150855"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1150855\/revisions"}],"predecessor-version":[{"id":1150864,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1150855\/revisions\/1150864"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1150855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1150855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1150855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}