Skip to content

McEwen raises $10M for exploration in Timmins

Private placement announced earlier this month is now complete
Black Fox Mine is located east of Timmins in the community of Black River-Matheson. (McEwen Mining photo)

McEwen Mining has successfully raised US$10 million for exploration work at its Timmins-area complex.

The company announced on Dec. 1 it was pursuing a bought deal private placement to raise the funds. The completion of the deal was announced on Dec. 19.

McEwen sold four million flow-through common shares at US$2.50 per share through a syndicate of underwriters led by Cantor Fitzgerald Canada Corp. as sole bookrunner and including BMO Capital Markets, H.C. Wainwright & Co. LLC, and GMP Securities L.P.

A drilling program is currently underway at Black Fox where the company hopes to define proposed mineralization based on current geophysical evidence.

McEwen Mining acquired the Black Fox complex — located in the Township of Black River-Matheson, just east of Timmins — from Primero Mining in October, 2017, for $35 million.

In addition to Black Fox, McEwen’s assets include the San José mine in Santa Cruz, Argentina (49 per cent interest), the El Gallo Gold mine and El Gallo Silver projects in Mexico, the Gold Bar future mine in Nevada, and the Los Azules copper project in Argentina.