McEwen Mining Inc.’s (NYSE: MUX) (TSX: MUX) subsidiary, McEwen Copper Inc., has announced the closing of an additional ARS $42 billion investment by Stellantis N.V., one of the world’s leading automakers and mobility providers with iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep(R), Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move and Leasys. Stellantis, which in February 2023 invested ARS$30 billion, has invested an additional ARS$42 billion in Argentina to acquire shares of McEwen Copper in a private placement of 1,900,000 common shares. McEwen Copper will use the proceeds of the private placement to advance development of the Los Azules copper project in San Juan, Argentina, as well as for general corporate purposes.
In addition, McEwen Copper announced its entry into a binding agreement for an additional $10.0 million investment by Nuton LLC, a Rio Tinto Venture and existing McEwen Copper shareholder. Nuton has agreed to invest US$10.0 million to acquire shares of McEwen Copper in a two-part transaction expected to close by Oct. 19, 2023, consisting of a private placement of 152,615 McEwen Copper common shares, and the purchase of 232,000 common shares owned by McEwen Mining in a secondary sale. Subscription and purchase proceeds are expected to be approximately $4.0 million to McEwen Copper and $6.0 million to McEwen Mining, respectively.
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About McEwen Mining Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, it owns approximately 47.7% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Its chairman and chief owner has personally provided the company with $220 million and takes an annual salary of $1. For more information about the company, visit www.McEwenMining.com.
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