{"id":554268,"date":"2017-09-18T22:07:16","date_gmt":"2017-09-18T22:07:16","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=554268"},"modified":"2017-09-18T22:07:16","modified_gmt":"2017-09-18T22:07:16","slug":"mcewen-shares-tank-after-40m-stock-offer-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=554268","title":{"rendered":"McEwen shares tank after $40m stock offer"},"content":{"rendered":"

By analyst<\/a><\/span> <\/p>\n

By Frik Els<\/a><\/span> <\/p>\n

Canadian precious metals producer McEwen Mining (TSX, NYSE:MUX) announced after the close on Monday, bought deal financing for its acquisition of the Black Fox mining complex in northern Ontario.<\/p>\n

According to a statement<\/a> McEwen agreed to sell 18m shares of its common stock and warrants to purchase up to 9m shares of its common stock at a price of $2.25 per share and associated one-half common stock warrant for gross proceeds of $40.5 million. The warrants will have a term of 53 weeks and an exercise price of $2.70 per whole share. The underwriters also have a 30-day option to buy an additional 2.7m shares and 1.35m warrants.<\/p>\n

The stock came in for more punishment after hours \u2013 shedding an additional 7.4% to trade at $2.25 per share in line with the offer price<\/p>\n

MUX shares lost 5.8% in New York during regular trading on a generally weak day for gold mining stocks. The counter came in for more punishment after hours \u2013 shedding an additional 7.4% to trade at $2.25 per share, in line with the offer price. McEwen is worth $760m on the NYSE after losing 16% of its market value this year.<\/p>\n

The $35m Black Fox acquisition from Primero Mining announced last month was McEwen Mining’s second acquisition<\/a> in the famous Timmins gold camp this year and CEO Rob McEwen described the transaction as \u201cjust the beginning of a new chapter of growth\u201d for the Toronto-based company:<\/p>\n

\u201cBlack Fox comes with a talented operating team, an underground mine producing 50-60,000 ounces of gold in 2017, a processing facility with excess capacity, two future development opportunities, and excellent exploration potential. Combined with our existing portfolio of Timmins deposits, I believe this is a logical and potent combination.\u201d<\/p>\n

Last year McEwen Mining produced 101koz of gold from its El Gallo mine in Mexico and 49%-owned San Jose mine in Argentina and the company is projecting the same for this year. Gold equivalent production for 2017 is pegged at 144koz.<\/p>\n

McEwen, who built Goldcorp into a top gold producer before stepping down as CEO of the Vancouver company in 2005, owns 25% of McEwen Mining.<\/p>\n

The post McEwen shares tank after $40m stock offer<\/a> appeared first on MINING.com<\/a>.<\/p>\n

\u2026read more<\/a> <\/p>\n

Source:: Infomine<\/a><\/p>\n

The post <\/a>McEwen shares tank after $40m stock offer<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By analyst By Frik Els Canadian precious metals producer McEwen Mining (TSX, NYSE:MUX) announced after the close on Monday, bought deal financing for its acquisition of the Black Fox mining complex in northern Ontario. According to a statement McEwen agreed to sell 18m shares of its common stock and warrants to purchase up to 9m […]<\/p>\n","protected":false},"author":1,"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":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/554268"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=554268"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/554268\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=554268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=554268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=554268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}