McEwen Mining Inc. Announces Proposed Offering of $85 Million of Convertible Senior Notes

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McEwen Mining Inc. Announces Proposed Offering of $85 Million of Convertible Senior Notes - Benzinga

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TORONTO, Feb.06, 2025 (GLOBE NEWSWIRE) -- McEwen Mining Inc.(NYSE:MUX) (TSX:MUX) (the "Company") today announced its intention to offer, subject to market conditions and other factors, $85 million aggregate principal amount of convertible senior notes due 2030 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

The capped call transactions are generally expected to reduce the potential dilution to the Company's common stock upon any conversion of the Notes or, at the Company's election (subject to certain conditions), offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with the offering, the Company expects to grant to the initial purchaser of the Notes an option to purchase, for settlement within a 13-day period from the date of initial issuance of the Notes, up to an additional $15 million aggregate principal amount of Notes.