McEwen Copper closes ARS $30B investment by Stellantis

McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (MUX), announced the closing of an ARS $30B investment by Stellantis (STLA). FCA Argentina S.A., a subsidiary of Stellantis N.V., has invested ARS $30B in Argentina to acquire shares of McEwen Copper in a two-part transaction that closed on February 24th, 2023 consisting of: 1. Private placement of 2,850,000 common shares, and 2. Purchase of 1,250,000 common shares indirectly owned by McEwen Mining in a secondary sale. The proceeds of the private placement will be used to advance development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes. After the closing of the Transaction, McEwen Mining will be separately compensated for the secondary sale by McEwen Copper in U.S. dollars. Giving effect to the upcoming investment by Nuton LLC, also announced today, Stellantis owns 14.2% of McEwen Copper and McEwen Mining owns 51.9% on a fully diluted basis. The Transaction values McEwen Copper at approximately $550M.