Files Early Warning Report in Connection with Private Placement in Visible Gold Mines Inc.
Toronto, Oct 29, 2014 AEST (ABN Newswire) - McEwen Mining Inc. (
NYSE:MUX) (TSE:MUX) has subscribed, by way of a private placement, 8,333,333 common share units (the "Units") of Visible Gold Mines Inc. ("Visible Gold") at a price of $0.06 per Unit for an aggregate amount of $500,000. Each Unit consists of one common share and one warrant (the "Transaction"). Each warrant entitles McEwen Mining to purchase one additional common share in Visible Gold at a price of $0.10 until April 27, 2016.
The common shares and warrants purchased pursuant to the Transaction represent ownership of approximately 10.4% of the issued and outstanding shares of Visible Gold post closing (or approximately 18.9% on a partially diluted basis).
McEwen Mining entered into the Transaction for investment purposes and may increase or reduce its investment in Visible Gold according to market conditions or other relevant factors.
A copy of the early warning report filed in connection with the Transaction will be made available on SEDAR (www.sedar.com).
About McEwen Mining Inc
McEwen Mining (NYSE:MUX) (TSE:MUX) has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada, currently under construction; and the large Los Azules copper project in Argentina, advancing towards development.
McEwen has approximately 345 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns roughly 23% of the shares.
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