McEwen Mining Announces Closing of Timberline Acquisition
19 Agosto 2024 - 5:15PM
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today
reported the completion of the previously announced acquisition of
all the issued and outstanding common shares of
Timberline
Resources Corporation
(TSXV:TBR)(OTCQB:TLRS) (“Timberline”)
by way of a merger between Timberline and a wholly-owned subsidiary
of McEwen Mining (the “Transaction”). Timberline shareholders
overwhelmingly approved the merger with McEwen Mining at
Timberline’s special meeting held on August 16th, 2024.
“We are pleased to
bring Timberline’s assets into McEwen Mining and offer a warm
welcome to its shareowners. We aim to move the Eureka project
forward on multiple fronts, including additional exploration
drilling, permitting activities and development
planning,” commented Rob McEwen, Chairman and Chief
Owner. “Nevada is a place where we want to operate for
a long time, our priority is adding opportunities for growth at a
reasonable cost.”
As a result of the Transaction, the shares of
Timberline will cease trading on, and will be delisted from, the
TSX Venture Exchange and the OTCQB Venture within five business
days.
Pursuant to the Transaction, former Timberline
shareholders are entitled to receive 0.01 of a McEwen Mining share
for each Timberline share held. In order to receive McEwen Mining
shares in exchange for Timberline shares, Timberline registered
shareholders must complete, sign, date and return (together with
the certificate or DRS statement representing their shares) the
letter of transmittal, which are being mailed to such shareholders
by Computershare Investor Services Inc., the depositary.
For those shareholders of Timberline whose
shares are registered in the name of a broker, investment dealer,
bank, trust company or other intermediary or nominee, these shares
should automatically transfer in the near future. For more
information, please contact your specific intermediary or
nominee.
McEwen Mining is an “Eligible Interlisted
Issuer” as such term is defined in the TSX Company Manual. As an
Eligible Interlisted Issuer, the Company has relied on an exemption
pursuant to Section 602.1 of the TSX Company Manual, the effect of
which is that the Company was not required to comply with certain
requirements relating to the issuance of securities in connection
with the Transaction.
For full details of the Transaction refer to the
Form S-4/A Registration Statement filed by filed by McEwen Mining
on EDGAR at www.sec.gov.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
This news release contains certain
forward-looking statements and information, including
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements and information expressed, as at the date of this news
release, McEwen Mining Inc.'s (the "Company") estimates, forecasts,
projections, expectations or beliefs as to future events and
results. Forward-looking statements and information are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, risks
and contingencies, and there can be no assurance that such
statements and information will prove to be accurate. Therefore,
actual results and future events could differ materially from those
anticipated in such statements and information. Risks and
uncertainties that could cause results or future events to differ
materially from current expectations expressed or implied by the
forward-looking statements and information include, but are not
limited to, fluctuations in the market price of precious metals,
mining industry risks, political, economic, social and security
risks associated with foreign operations, the ability of the
Company to receive or receive in a timely manner permits or other
approvals required in connection with operations, risks associated
with the construction of mining operations and commencement of
production and the projected costs thereof, risks related to
litigation, the state of the capital markets, environmental risks
and hazards, uncertainty as to calculation of mineral resources and
reserves, foreign exchange volatility, foreign exchange controls,
foreign currency risk, and other risks. Readers should not place
undue reliance on forward-looking statements or information
included herein, which speak only as of the date hereof. The
Company undertakes no obligation to reissue or update
forward-looking statements or information as a result of new
information or events after the date hereof except as may be
required by law. See McEwen Mining's Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, Quarterly Report on Form
10-Q for the three months ended March 31, 2024 and June 30, 2024,
and other filings with the Securities and Exchange Commission,
under the caption "Risk Factors", for additional information on
risks, uncertainties and other factors relating to the
forward-looking statements and information regarding the Company.
All forward-looking statements and information made in this news
release are qualified by this cautionary statement.
The NYSE and TSX have not reviewed and do not
accept responsibility for the adequacy or accuracy of the contents
of this news release, which has been prepared by the management of
McEwen Mining Inc.
ABOUT MCEWEN MINING
McEwen Mining is a gold and silver producer with
operations in Nevada, Canada, Mexico and Argentina. In addition, it
owns approximately 48% of McEwen Copper which owns the large,
advanced stage Los Azules copper project in Argentina. The
Company’s objective is to improve the productivity and life of its
assets with the goal of increasing its share price and providing an
investor yield. Rob McEwen, Chairman and Chief Owner, has a
personal investment in the company of US$225 million. His annual
salary is US$1.
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