McEwen Copper announces additional $10M investment by Nuton

McEwen Copper, a subsidiary of McEwen Mining (MUX), announces a binding agreement for an additional $10.0M investment by Nuton, a Rio Tinto (RIO) Venture, and existing McEwen Copper shareholder. Nuton has agreed to invest US$10.0M to acquire shares of McEwen Copper in a two-part transaction expected to close by October 19th, 2023 consisting of a private placement of 152,615 McEwen Copper common shares, and the purchase of 232,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately $4.0 million to McEwen Copper and $6.0 million to McEwen Mining, respectively. The proceeds of the private placement will be used to advance the development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. After closing, Nuton will own 14.5% of McEwen Copper on a fully diluted basis, and McEwen Mining will own 47.7%. The transaction values McEwen Copper at approximately US$800 million.