McEwen Mining has raised C$30 million (US$22 million) to fund ongoing exploration and development at the Fox Complex in the Timmins region of Ontario.
The company announced on June 14 that it had closed the flow-through financing, consisting of 1,533,000 flow-through common shares at a combined average price of C$19.59 ($14.36), a 19% premium. about the closing price of May 27.
Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. led a syndicate of bookrunners for the Offering, which included Roth Capital Partners, LLC, AGP/Alliance Global Partners and HC Wainwright & Co., LLC. PearTree Securities Inc. structured the flow-through grant placement.
McEwen said the funds will primarily focus on exploration drilling and the development of an underground access ramp from surface to extract the Stock East and West gold resources, which represents the next area of production growth at the Complex. Fox.
Fox Complex
The Fox Complex comprises several mining properties covering 70 square kilometers. along the Destor-Porcupine Fault, also known as the “Golden Highway,” home to many of the richest gold mines in Ontario and Quebec.
Among its main properties are Black Fox, Stock and Lexam. Collectively, the Fox Complex properties, led by the new Froome mine which entered production in 2021, had production of 36,650 ounces of gold equivalent in 2022, representing a third of the company’s annual production.
A preliminary economic assessment for the expansion of the Fox Complex, which will be carried out after mining at Froome is completed, outlined a mine life of over 9 years with an average annual gold production of 80,800 oz.
