Emperors With No Clothes, etc
End 2012: “McEwen Mining has 268,495,751 shares issued and outstanding (comprised of 190,516,797 Common Shares and 77,987,621 Exchangeable Shares). Rob McEwen , Chairman and Chief Owner, owns approximately 25% of the shares of McEwen Mining”
End 2013: “As of November 1, 2013, McEwen Mining has an aggregate of 297,159,359 million shares of common stock outstanding and issuable upon the exchange of the exchangeable shares. Rob McEwen , Chairman and Chief Owner, owns 25% of the shares of the Company”
End 2014: “McEwen Mining has 305.3 million shares fully diluted at December 22, 2014. Rob McEwen , Chairman, and Chief Owner, owns approximately 25% of the shares of the Company.”
End 2015: “McEwen Mining has total of 300 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.”
End 2016: “McEwen Mining has a total of 300 million shares outstanding and 305 million fully diluted. Rob McEwen, Chairman and Chief Owner, owns 25% of the Company.”
End 2017: “McEwen has a total of 333 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of McEwen.”
End 2018: “McEwen has a total of 337 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 24% of the shares.”
End 2019: “McEwen has approximately 400.3 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 20% of the shares.“
And now, end 2020, MUX has decided to add another 7m shares to its count via this flow-thru placement. That will bring S/O to over 416m. Thing is, this time Canada’s most self-important mining luckster will have to put up his own cash and buy around 3.2m of the total, else risk slipping under the 20% ownership line. And it’s been years since Rob McEwen bought shares in his own company, he probably knew what was going to happen to its share price. That mediocrity is due to execution, as all this time, MUX has been a mining company that can’t turn a profit and wouldn’t have needed to dilute count and be so shareholder unfriendly otherwise.
The wrap is the MUX PPS chart from end 2012 to today, the price once again at the NYSE U$1.00 minimum and in risk of deletion from the US main boards.
When do you create IKN Gold to show McEwen how to run a profitable gold company?
And be a mining CEO? I gave up whoring myself out years ago, man.
Wait until Moriarty reads this one! He’ll claim that you’re a former rent boy.
Why doesn’t he take on more debt, like all producers? Not easy to find a second Red Lake.