Mcewen Copper Completes Oversubscribed Us$81.85 Million Offering Including A $25 Million Investment By Nuton, A Rio Tinto Venture
Mcewen Copper Completes Oversubscribed Us$81.85 Million Offering Including A $25 Million Investment By Nuton, A Rio Tinto Venture
08/31/22, 6:23 PM
Location
torontoMoney raised
$25 million
Industry
mineral
mining
McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce the closing of the third and final tranche of the previously announced private placement offering (the “Offering”) of up to 8,000,000 common shares of McEwen Copper Inc. priced at US$10.00 per common share. The third tranche is comprised of a $25 million investment by Rio Tinto’s copper leaching technology venture, Nuton (“Nuton” or the “Investor”), and $1.85 million from other investors
Company Info
Location
toronto, ontario, canada
Additional Info
McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek project in Nevada, USA.
Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.9 billion pounds at a grade of 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at a grade of 0.31% Cu (Inferred category). A PEA published in June 2023 estimated a $2.7 billion after-tax NPV8% at $3.75/lb Cu and a 27-year mine life.
After closing the Stellantis investment, also announced today, and the pending investment by Nuton, McEwen Copper will have 30,937,615 common shares outstanding, and its shareholders are: McEwen Mining Inc. 47.7%, Stellantis 19.4%, Nuton 14.5%, Rob McEwen 12.9%, Victor Smorgon Group 3.2%, and other shareholders 2.3%.