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MiningNewsBreaks — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) Announces Payment of Senior Secured Debt, 39% Debt Reduction

McEwen Mining (NYSE: MUX) (TSX: MUX)a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina, has taken a significant step in reducing its debt. The company has repaid $25 million of its senior secured debt; the payment was made to Sprott Resource Lending, resulting in Sprott no longer being a lender to the comp in senior secured debt along with a $15 million unsecured promissory note for a total debt of $65 million. Following the repayment to Sprott, the company noted that its senior secured debt had been amended and restated to total $40 million, with a monthly interest at 9.75% per annum; in addition, the promissory note was extinguished. Currently, the company’s sole lender is an entity owned by Rob McEwen, MUX chairman and chief owner Rob McEwen. The transaction has resulted in annual borrowing costs for the company decreasing by approximately 36%, to an estimated $2.2 million. The company noted that the reduction of debt was funded through the secondary sale of McEwen Copper shares to FCA Argentina S.A. and Nuton LLC; those sales raised $47 million in gross proceeds.

To view the full press release, visit https://ibn.fm/9MSi5

About McEwen Mining Inc.

McEwen Mining is a gold and silver producer with operations in Nevada, Canada, Mexico and Argentina. In addition, the company owns approximately 52% of McEwen Copper, which owns the large, advanced-stage Los Azules copper project in Argentina. The company’s goal is to improve the productivity and life of its assets with the objective of increasing its share price and providing a yield. Rob McEwen, chair and chief owner, has personal investment in the company of $220 million; his annual salary is $1. To learn more about the company, visit www.McEwenMining.com.

NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at https://ibn.fm/MUX  

About MiningNewsWire

MiningNewsWire (MNW) is a specialized communications platform focused on developments and opportunities in the global resources sector. The company provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to millions of social media followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, MNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, MNW brings its clients unparalleled visibility, recognition and brand awareness. MNW is where news, content and information converge.

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For more information, please visit https://www.miningnewswire.com

Please see full terms of use and disclaimers on the MiningNewsWire website applicable to all content provided by MNW, wherever published or re-published: https://www.miningnewswire.com/Disclaimer

MiningNewsWire
Los Angeles, California
www.miningnewswire.com
310.299.1717 Office
Editor@MiningNewsWire.com

MiningNewsWire is part of the InvestorBrandNetwork.

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