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MUX has a very large open interest in the May $3 calls, the August $2 calls have an open interest of 120,000 or 12 million shares. . this company has gotten barraged with bad news including this one, which looks awful!
McEwen Mining
Tue, February 9, 2021, 1:01 PM
TORONTO, Feb. 09, 2021 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE and TSX: MUX), reports that it has closed the previously announced registered direct offering of common shares for aggregate gross proceeds of US$31.5 million.
“I deeply regret being in a position where we had to finance at this price, a price well below what I believe to be our real value. However, the timing of this financing was critical for two key reasons: One, it completes the funding required to bring the Froome deposit into production later this year. Froome is our production bridge to the future growth of the Fox Complex, where we see potential for significantly higher gold production, lower cost per ounce and a much longer mine life; and Two, it strengthens our balance sheet and working capital position, which will help address our going concern note and debt covenants.
I do take some solace from the fact that there was big demand for the offering, of over $120 million, and this is an expression of confidence by investors in our company’s future,” said Rob McEwen, Chairman & Chief Owner.
Cantor Fitzgerald & Co. and Roth Capital Partners, LLC acted as exclusive co-placement agents for the Offering in the United States and internationally (except Canada).
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