McEwen (NYSE: MUX) (TSX: MUX) and Canadian Gold Corp. (TSX-V: CGC) have signed a binding letter of intent under which McEwen will acquire all outstanding securities of Canadian Gold in an all-stock transaction. Canadian Gold shareholders will receive 0.0225 McEwen shares per Canadian Gold share, representing an implied price of C$0.35 and a 26% premium to the 30-day VWAP. Upon closing, they will own approximately 8.2% of the combined company. Canadian Gold’s key asset is the 100% owned Tartan Mine in Manitoba, a high-grade former producer with existing infrastructure and strong exploration upside, alongside Hammond Reef and Malartic South properties in Ontario and Quebec. McEwen Chairman Rob McEwen said the Tartan Mine’s similarities to the company’s Fox Complex and Manitoba’s mining-friendly jurisdiction make it an attractive addition with potential to restart production within 24 to 36 months. Canadian Gold Chairman Peter Shippen said the deal provides shareholders with enhanced liquidity and access to McEwen’s financial and technical resources.
To view the full press release, visit https://ibn.fm/xw04x
About McEwen Inc.
McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, the company owns approximately 47.7% of McEwen Copper, which is developing 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 the share price and providing a yield. Rob McEwen, chair and chief owner, has a personal investment in the company of $220 million and takes an annual salary of $1. To learn more about the company, visit www.McEwenMining.com.
NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX
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