On December 14, 2023, McEwen Mining Inc. ("McEwen") completed a brokered private placement offering of 1,903,000 flow-through shares for aggregate gross proceeds of US$16.1 million. The offering was completed pursuant to the Accredited Investor Exemption and the Minimum Amount Investor Exemption under National Instrument 45-106 – Prospectus Exemptions. The proceeds of this financing will be used exclusively for qualifying Canadian Exploration Expenditures (CEE) and Canadian Development Expenditures (CDE), within the meaning of subsection 66(15) of the Income Tax Act (Canada), on McEwen's properties in the Timmins region.
The CEE portion of the financing consists of a private placement of 788,000 flow-through shares at a price of US$9.27 per share. The CDE portion of the financing consists of a private placement of 1,115,000 flow-through shares at a price of US$7.86 per share. The offering was co-led by Cantor Fitzgerald Canada Corporation and Roth Capital Partners, LLC, and PearTree Canada structured the flow-through donation placement.
Fasken advised Cantor Fitzgerald Canada Corporation and Roth Capital Partners, LLC in connection with the offering with a team comprised of Alex Nikolic, Victoria Zed, Alexis Shamess (Corporate); Mitchell Thaw and Devon LaBuik (Tax Law); Barbara Clark and Kathryn McCoy (Articling Students).
Jurisdiction
- Ontario