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McEwen Copper: Waiting For Godot

During the McEwen Mining (MUX) 4q21 Conference Call (March 9th 2022, at minute 24:30 onward here) Chief Owner Rob McEwen addressed McEwen Copper funding issue and how it still hadn’t closed the seed financing, the process it began in early July 2021. On the day of the original announcement, Rob Ewen explained how he was putting in the first $40m of the $80m raising to fund development and eventually spin out McEwen Copper, then MUX stated boldly that, “The Offering is expected to close by July 30, 2021“. Sadly that was not to be and instead, the timeline on that second $40m has been set back on several occasions. We’ve also seen its sights lowered, as at some point MUX stopped talking about the second $40m tranche and started talking about “$20m to $40m”. So be it, but when the 4q21 conference call came around and still no word on the placement completion, MUX needed to say something about its progress. Here’s what Rob McEwen said on the CC:

“A question relating to McEwen Copper is when do we expect to close the $60m to $80m financing we announced last year and we hope to conclude that…we expect to conclude that in the first quarter of this year. Still relevant to McEwen Mining and McEwen Copper, with this financing we expect to close by the end of the first quarter McEwen (MUX) would have 69% interest in McEwen Copper.”

So, we were told not once but twice by the head honcho to expect the financing closed by the end of 1q22. That was last Thursday, so perhaps the delay in announcing the arrival of the extra $20m to $40m in treasury to McEwen Copper is a simple question of paperwork. Or perhaps not.

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