Take physic, pomp

The Emperor’s New Clothes and McEwen Mining (MUX)

At what point do we start laughing? Tonight’s NR from McEwen Mining (MUX) is an exercise in chutzpah:

McEwen Mining Announces US$25 Million Registered Direct Offering

TORONTO, ONTARIO, March 26, 2019 – McEwen Mining Inc. (the “Company” or “McEwen”) (NYSE and TSX: MUX), is
pleased to announce that it has entered into definitive agreements with
an institutional investor, and certain directors and officers of the
Company, including Rob McEwen, pursuant to which such investors have
agreed to purchase Units of the Company for aggregate gross proceeds of
$25 million in a registered direct offering.

McEwen Mining intends to use the net proceeds from this offering to
fully fund its current mining projects and exploration prospects, for
additional operating capital and for general working capital purposes.

Rob McEwen, Chairman and Chief Owner of McEwen Mining, stated “I
am pleased to say that this financing provides us with the flexibility
we need to take advantage of additional opportunities at our
operations.” Continues here


I mean Rob, your company has only been an operating mining company for seven years, WTF are shareholders getting diluted out to provide working capital? I mean it’s great and wonderful and marketing-tastic that you don’t draw a salary (as Chairman) but frankly, it’d be better that you took half a million and cut into the wild $23.6m your company burned in G&A in 2018. And did you ever bother look at the trail of disaster that Black Fox has wrought on a whole string of mining companies and consider that it might just be one permanent holy father of a money pit and this time would not be different?

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